Farrah died at 9:28 AM on Thursday at St. John's Hospital in Santa Monica, Calif.
She was 62.
"After a long and brave battle with cancer, our beloved Farrah has passed away," Farrah's longtime companion, Ryan O'Neal, said in a statement to Access. "Although this is an extremely difficult time for her family and friends, we take comfort in the beautiful times that we shared with Farrah over the years and the knowledge that her life brought joy to so many people around the world."
The actress, best known for her role in the '70s TV show "Charlie's Angels" and her iconic hair, was in the hospital earlier this month and a source close to Farrah told Access Hollywood at the time that she was not doing well.
While her condition was deteriorating, those closest to Farrah wanted to take her home for her final days.
Her death comes just days after O'Neal revealed he had asked Farrah to be his wife.
"If she's feeling a little better, I've asked her to marry me again and she's agreed," Ryan said in a new interview with Barbara Walters for ABC's "20/20," set to air June 26.
"We will as soon as she can say, 'Yes.' Maybe she can nod her head. I promise you, we will."
However, a source has confirmed to Access that Ryan and Farrah did not get married prior to her death.
In addition, Access has learned Ryan and Farrah's son, Redmond O'Neal, did not get to see his mother a second time on a court-allowed visit from jail. The last time Redmond saw Farrah was during his first and only court-allowed visit on April 25.
A spokesperson for the Los Angeles County Sheriff's department told Access no requests had been made to transport Redmond to see his mother before she died.
Following her diagnosis with anal cancer in 2006, Farrah waged a very public battle against the disease, documenting her fight in "Farrah's Story," which aired in May on NBC and will re-air on June 26 at 8 PM.
After several rounds of chemotherapy treatments, Farrah announced that she was cancer-free, but in May 2007, the cancer had returned and she underwent further treatment in Germany.
The star was born on February 2, 1947, in Corpus Christi, Texas. Even at a young age, Farrah caught people's attention – she was given the title "Most Beautiful" in high school.
She became an icon for her role as Jill Munroe in "Charlie's Angels" in the mid-'70s, inspiring fans to imitate her feathered blonde hair. She rose to sex symbol status thanks in part to a now-legendary swimsuit poster that sold over 12 million copies.
Farrah left the popular show after a single season, going on to star in a number of films, television shows and made-for-TV movies such as 1984's "The Burning Bed," which earned her an Emmy nomination.
The actress made further headlines in 1995, when she posed for Playboy at age 48.
Farrah is survived by her father James, longtime partner Ryan O'Neal, their son, Redmond O'Neal, who has dealt with numerous legal issues over the last few years, including most recently, an arrest for allegedly trying to bring heroin into an LA-area jail facility on April 5.
Related Content from AccessHollywood.com:
PLAY IT NOW: Remembering Farrah Fawcett
PLAY IT NOW: Farrah Fawcett Back In Hospital (June 22, 2009)