Walker, 40, was in five of the six films about illegal street racing and was killed after a car he was travelling in crashed.
Both Walker and the driver were pronounced dead at the scene in Valencia, a community in the city of Santa Clarita.
Eye witnesses and police described seeing the vehicle engulfed in flames at about 3:30 pm local time.
Shocking images show the burned-out wreckage of a red Porsche by the side of a road.
Walker played undercover agent Brian O'Conner in the popular series and his co-star in several of the films Vin Diesel has revealed his shock at his friends sudden death.
"Brother I will miss you very much," Diesel said in a post on Instagram.
He added: "I am absolutely speechless. Heaven has gained a new Angel. Rest in Peace."
"It is with a truly heavy heart that we must confirm that Paul Walker passed away today in a tragic car accident while attending a charity event for his organisation Reach Out Worldwide," a statement on the actor's Facebook page said.
"He was a passenger in a friend's car, in which both lost their lives. We... are stunned and saddened beyond belief by this news.''
Universal Pictures also issues a statement which said that studio staff were "heartbroken" at the death of the popular and much-loved actor.
"Paul was truly one of the most beloved and respected members of our studio family for 14 years, and this loss is devastating to us, to everyone involved with the Fast & Furious films, and to countless fans.
"We send our deeps and most sincere condolences to Paul's family."
Walker recently spoke about his decision not to marry his daughter's mother.
The star admitted he struggled with the notion of having a child at the age of 25 because he was still a young man having fun.
Walker has a daughter, 15-year-old Meadow, with former girlfriend Rebecca McBrain.
"I knew where I was at with chicks and having fun," he said.
"I went to Christian high school and I was told mom and dad were supposed to be together. I was so conflicted.
"What left me off the hook emotionally was at least I was providing financially, but emotionally I wasn't there yet."
But he added: "I'm grateful I had her (daughter) at 25 and not 20 because, at 40 and 15, we're matching up sweet! She's been with her mom her whole life and she wants a relationship with her pops. It's working out really well right now."
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