Reports said she was hospitalized on Thursday after suffering a cardiac arrest in her Los Angeles home.
Presley was last seen on the red carpet at the Golden Globe Awards just days ago, praising actor Austin Butler's portrayal of her father in the biopic "Elvis".
"He did such a beautiful job, and his heart was so in it and it meant so much to him and it was such an honor for me and I respect so much what he did. So it was a mutual love and respect that truly really came at a really nice time."
Her mother Priscilla Presley in a statement urged for privacy as the family "try to deal with this profound loss".
Lisa Presley was born in 1968 and was the owner of her father's Graceland estate in Memphis, a popular tourist attraction.
She was nine years old when Elvis died at Graceland in 1977.
A rock and pop singer-songwriter herself, Lisa's albums "To Whom It May Concern" and "Now What" both hit top 10 of the Billboard 200 in 2003 and 2005.
She was married four times, to pop star Michael Jackson, musician Danny Keough, actor Nicholas Cage, and music producer Michael Lockwood, and is survived by three children.
Her only son Benjamin Keough, died in 2020 aged 27.
