Sathe complained of chest pain late in the evening and was rushed to a private hospital where doctors declared him dead.
He breathed his last at 7:50 p.m., doctors said.
The body of Mr Sathe will be donated to the All India Institute of Medical Sciences (AIIMS) in New Delhi. According to his wishes, the body will be donated to AIIMS tomorrow, his son-in-law Uday Bodhankar said.
A lawyer by training, Sathe was the Union Minister for Information and Broadcasting in Prime Minister Indira Gandhi's cabinet.
Known for his frank views, he had touched on many issues like a debate on Presidential form of governance and demand for Priyanka Gandhi's entry into active politics.
President Pratibha Patil Congress President Sonia Gandhi condoled Sathe's death.
"I'm saddened by Shri Sathe's death", said Patil.
"Vasant Sathe was a senior party leader known for his frank views," AICC General Secretary Janardan Dwivedi said. Born on March 5, 1925, at Nashik in Maharashtra, Sathe received his early education at Bhonsla Military School and did his masters in Economics and Political Science at Nagpur Mahavidyalaya, followed by a degree in Law at Morris College, Nagpur University.
He took active part in the freedom movement and removed the British flag and unfurling the Indian tricolour at the district court in Nagpur during the Quit India Movement.
Sathe made his debut in the Lok Sabha from Akola in 1972 and later represented Wardha constituency from 1980 to 1991.