Dilu, who had been suffering from severe pneumonia and other health problems, breathed his last at 6:30 am at United Hospital, according to his family members.
However, he tested negative for COVID-19.
Dilu, also a freedom fighter, was taken to the Intensive Care Unit of United Hospital on January 15 due to his critical health condition.
The actor's first namaz-e-janaza took place at Dhaka University's Central Mosque after Johr prayers.
Later, his body will be kept at Bangladesh Shilpakala Academy (BSA) premises from 3 pm.
The veteran freedom fighter will be buried with state honor at the Banani graveyard after Asr prayers.
Born in 1952, Mujibur Rahman Dilu achieved critical acclaim for his performance as 'Malu' in the popular drama series Songsoptok.
His notable plays include "Tathapi" and "Somoy Asomoy", among others. He directed and acted in the play Kingsuk Je Morute (1976) which was selected in the first Drama festival of Bangladesh.
He was also a coordinator of Tonatuni, a children's organisation.