The 68-year-old played in 34 Tests and 17 One-Day Internationals (ODIs) and was also a key figure in the introduction of World Series Cricket in the late 1970s, according to Cricket Australia.
Walker claimed 138 Test wickets and 20 ODI scalps between 1973 and 1981, including 12 wickets in his first two Tests and a career-best figures of 8-143 against England at the Melbourne Cricket Ground (MCG) in 1975.
He forged a strong career in media following his playing days, becoming a popular author and public speaker.
"Max was an outstanding cricketer who played an important role in the emergence of successful Australian cricket teams in the 1970s," said Cricket Australia CEO James Sutherland.
"On behalf of everyone at Cricket Australia our deepest sympathies go out to Max's family, friends and all those in cricket who had the pleasure of dealing with him."
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