"On behalf of the Busch family, everyone at Richard Childress Racing and all of NASCAR, we are devastated to announce the sudden and tragic passing of Kyle Busch," the statement said.
The two-time Cup Series champion won more races than anyone across NASCAR's three national series.
The Busch Family, Richard Childress Racing and NASCAR issued a joint statement Thursday saying that Busch died after being hospitalized. No cause of death was given.
Busch's family said earlier Thursday that he was hospitalized with a "severe illness," three days before he was to compete at the Coca-Cola 600 at Charlotte Motor Speedway.
"Our entire NASCAR family is heartbroken by the loss of Kyle Busch," the statement said. "A future Hall of Famer, Kyle was a rare talent, one who comes along once in a generation. He was fierce, he was passionate, he was immensely skilled and he cared deeply about the sport and fans.
The statement went on to say that "throughout a career that spanned more than two decades, Kyle set records in national series wins, won championships at NASCAR's highest level and fostered the next generation of drivers as an owner in the Truck Series. His sharp wit and competitive spirit sparked a deep emotional connection with race fans of every age, creating the proud and loyal 'Rowdy Nation.'"
This is a developing story. Please check back for updates.
The Associated Press and ABC News contributed to this report.