He Pingping was a native of China who had a form of primordial dwarfism and measured 74.61cm.
The record-breaker had been in Rome to take part in a television show when he suffered chest problems.
He was taken to hospital but died over the weekend.
Craig Glenday, editor-in-chief of London-based Guinness World Records, recalled measuring He in the northern Chinese region of Inner Mongolia in 2008.
"For such a small man, he made a huge impact around the world," Mr Glenday said.
"From the moment I laid on eyes on him, I knew he was someone special - he had such a cheeky smile and mischievous personality, you couldn't help but be charmed by him.
"He brightened up the lives of everyone he met, and was an inspiration to anyone considered different or unusual."
Guinness World Records said it would announce He's successor as the world's shortest man in due course.
Khagendra Thapa Magar, 18, from Nepal, who is reportedly 51cms (20in) tall, declared in February that he is the rightful holder of the title.