Iliescu was the first post-communist President of Romania, serving three terms as Head of State: 1990-1992, 1992-1996, and 2000-2004. He founded the social democratic party and later served as a Senator before retiring from political life.
The Romanian government extended its condolences to his family and all those close to him.
"His term in office saw the adoption of key documents and decisions that shaped Romania's direction, including the Snagov Declaration and the 2003 constitutional revision, acts that laid the groundwork for major political and institutional changes.
His passing marks the end of a significant chapter in the country's recent history, one defined by the post-communist transition and essential transformations in public life," said PM Ilie Bolojan in a statement.
”Ion Iliescu, the central figure of the 1990s transition, will be judged by history. It is our duty to shed light on the major cases of that era so that we can move forward with accountability,” wrote Romanian President Nicușor Dan in a Facebook post.
"In the history of the last 35 years, the Ion Iliescu chapter is the most important," said the left-wing party PSD in a statement.
Iliescu had been hospitalized for close to two months, being treated for lung cancer.
He is survived by his wife.