Politicians also offered their condolences and shared their encounters with Wallace.
Republican presidential candidate Mitt Romney tweeted: "My experience with Mike Wallace -- integrity, charm, character. A great one goes home."
Wallace profiled Romney during the 2008 presidential race for "60 Minutes."
Former Speaker of the House and GOP presidential candidate Newt Gingrich said Wallace was a "giant in news reporting and analysis."
"His investigative reporting was legendary, and his participation in '60 Minutes' helped created a lasting institution Mike Wallace's life created a legacy young reporters will study for years to come. The Wallace family is in our prayers this Easter Sunday," Gingrich said in a statement.
Nancy Reagan, widow of President Ronald Reagan, said Wallace was a friend and said "it's hard to believe that he won't be on television another Sunday night, or at the end of the telephone line to talk through the stories of the week."
"Mike was an old school journalist and one of the most astute people I've ever met," she said in a statement. "The news business will be a different place now, and our lives will be forever changed for having known him. My heart goes out to his family."
Wallace was born May 9, 1918, in Brookline, Mass. He graduated with a bachelor's degree in liberal arts in 1939 from the University of Michigan.
He is survived by wife Mary Yates Wallace, his son, Chris, a stepdaughter, Pauline Dora, and stepson Eames Yates.
A special tribute to Wallace will be broadcasted on "60 Minutes" April 15, according to CBS News.
The Associated Press contributed to this report.