Widely recognised as one of the leading philanthropists and financiers of his generation, Rothschild was knighted by the Queen in 1989 for services to banking and finance.
In racing circles he is perhaps best known as the owner and breeder of Crystal Ocean, who won eight times for Sir Michael Stoute before being retired at the end of 2019.
The son of Sea The Stars claimed Group One honours in that year's Prince of Wales's Stakes at Royal Ascot under Frankie Dettori. He also won the 2018 Hardwicke Stakes, as well as back-to-back renewals of both the Brigadier Gerard at Sandown and the Al Rayyan Stakes at Newbury.
Other notable horses to carry the Rothschild silks to big-race success include the Stoute-trained pair of Crystal Capella and Hillstar, with the latter a Royal Ascot winner in the 2013 King Edward VII Stakes before going on to claim the Canadian International the following year.
Sir Evelyn also enjoyed top-level success over jumps courtesy of Ogee, trained by Renee Robeson - winner of the Sefton Novices' Hurdle at the 2009 Grand National meeting at Aintree.
A statement issued by his family on Tuesday morning read: "It is with great sorrow that Lady de Rothschild announces the death of her beloved husband, Sir Evelyn de Rothschild, after a short illness.
"Sir Evelyn passed away peacefully yesterday evening at his home in London with his loved ones by his side.
"The family appreciates thoughts and prayers at this very sad time."