The actor passed away on Tuesday in Monsey, New York, his daughter Sarah Gobioff told The New York Times.
Hill was part of the original cast of "Law & Order" when the show premiered in 1990, and he stayed with the programme for its first 10 seasons.
Franchise creator Dick Wolf praised his talents and paid tribute to Hill in a statement which read: "Steven was not only one of the truly great actors of his generation, he was one of the most intelligent people I have ever met. He is also the only actor I've known who consistently tried to cut his own lines. He will be missed but fortunately he can be seen ubiquitously on Law & Order reruns."
Hill was also part of another iconic TV series, "Mission: Impossible", on which he portrayed the original leader of the Impossible Missions Force, Daniel Briggs.
Throughout his five decades in showbusiness, he appeared on TV hits "The Untouchables", "Ben Casey", "One Life to Live", "Thirtysomething" and "Columbo", and films like "Yentl", "Brighton Beach Memoirs", "Billy Bathgate", and "The Firm."
Hill was also one of the original members of renowned New York school The Actors Studio.