Considered to be the richest man in Austria, the entrepreneur built a global empire around the energy drink.
Mr Mateschitz’s fortune is estimated at around €25bn (£21.8bn), putting him 51st on Forbes’ list of the world’s richest people.
Formula 1 praised his “unforgettable contribution” to the sport and said he leaves behind a “lasting legacy”.
Little is known about Mr Mateschitz’s private life – he was publicity shy and rarely gave interviews.
After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.