The British actor died in hospital on Saturday, following a long illness.
The Shakespearean actor rose to stardom in 1962 after David Lean cast him in his epic, Lawrence of Arabia.
He was nominated for best actor at the Academy Awards eight times for films including Becket, Goodbye Mr Chips and Venus but had to wait until 2003 to receive an honorary Oscar.
His television credits included The Tudors, Casanova, Joan of Arc, The Dark Angel, The Ray Bradbury Theatre, The Antagonists, Strumpet City, Rendezvous, and Iron Road.
He also had a long stage career, starring as Hamlet in the first ever production at the National Theatre, and remained a stage actor until 1999.
Michael Freedland, the author of Peter O’Toole: A Biography, told The Independent: “He was charismatic, even when he had lost his good looks and age had crept up on him. There was something about him. Whatever he did, people knew they were dealing with a star.”