He starred in plays, TV series and films.
One of his most popular roles was as the father in the 2013 comedy The Noble Family, in which he makes his three spoiled children believe he has cut them off from the family fortune so they are forced to get a job.
He had also starred for two decades in the play Senora Presidenta.
In Senora Presidenta (Et ta Soeur, in the French original) he played not one, but two female roles, and often added political quips to the script.
After Vega was diagnosed in 2010 with myelodysplastic syndrome, a form of bone marrow cancer, he temporarily retired from acting to get treatment.
His daughter Marimar announced last week that he would not return to acting after his health had deteriorated.
Vega, who was born in Mexico City in 1946, became an actor after studying philosophy.
His two daughters, Marimar and Zuria, also chose acting as their careers.
He died in Mexico City with his daughters, son Gonzalo and wife Andrea at his side.
Mexicans expressed their condolences to the family under the hashtag #GonzaloVega, where many also fondly recalled his most popular roles.
Mexican actor Gonzalo Vega has died aged 69, the Mexican Cinematographic Institute announced on Monday.