The Grammy winner died at Sherman Oaks Hospital, California, said his manager, fellow trumpeter David Weiss of the New Jazz Composers Octet.
Hubbard had been hospitalized since suffering a heart attack a day before Thanksgiving.
As a towering figure in jazz circles, Hubbard played on hundreds of recordings in a career dating to 1958.
In his earliest recordings, which included "Open Sesame" and "Goin' Up" for Blue Note in 1960, the influence of others is obvious. But within a couple of years he developed a style all his own, one that would influence generations of musicians.
As a young musician, Hubbard became revered among his peers for a fiery, blazing style that allowed him to hit notes higher and faster than just about anyone else with a horn. As age and infirmity began to slow that style, he switched to a softer, melodic style and played a flugelhorn, impressing his fellow musicians.
Hubbard won his Grammy in 1972 for best jazz performance by a group for the album "First Light." In his playing life, he collaborated with such greats as Ornette Coleman, John Coltrane and Sonny Rollins.