Officials say Min Bahadur Sherchan died at base camp on Saturday. Gyanendra Shrestha, a government mountaineering official at the base camp, said the cause of death may have been a heart attack.
He had scaled the Everest summit in May 2008 when he was 76 years and 340 days old, and was recognised as the oldest person to climb the peak by the Guinness World Records in November 2009, replacing previous record holder Japanese Yuichiro Miura.
Sherchan, who had 17 grandchildren and six great-grandchildren, first scaled the world's highest peak in May 2008 aged 76, becoming the oldest climber to reach the top.
Nepal is bracing for a busy and potentially risky season on Mount Everest after the government issued a record number of permits to foreign climbers this year - 371, the most since 1953.
The president of Nepal Mountaineering Association described Mr Sherchan's death as a "great loss for the whole mountaineering community".
Sherchan was attempting to reclaim his record as the oldest climber to scale Mount Everest.
Sherchan had left for the Everest base camp this Sunday, leading a seven-member team.
Nepali mountain climber Min Bahadur Sherchan's cause of death is not yet clear.
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He was born in the mountains so never had a problem with altitude or low levels of oxygen.
Hundreds of climbers have died on Everest alongside the more than 4,000 who've successfully summited the world's highest mountain since 1953.
Dinesh Bhattarai, who heads the Tourism Department, said that the government is seriously discussing limiting the age for elderly climbers.
Just last week, world-famous mountaineer Ueli Steck - known as the "Swiss Machine" - died after falling 1,000m while training to climb Everest.
A change in the age limit would give Miura an unbreakable record.
The 2015 season was scrapped after 19 climbers were killed and 61 injured by an avalanche at the base camp triggered by a massive quake.