Olkewicz died on Tuesday at his home in Los Angeles, his son, Zak Olkewicz, told the Hollywood Reporter.
The actor was well-known for his role as bartender and croupier Jacques Renault in the original series of Twin Peaks which ran for two seasons from 1990 - 1991.
He also featured in the films Grace Under Fire, The Client and in a 1996 episode of Seinfeld.
His acting career came to an end in 2017 after he suffered ill health following a number of surgeries on his knee.
Zak Olkewicz said in a statement on behalf of the family: “He was a good man who pushed his love for creativity and the arts into everything he did.
“He handed that passion down to me, and I look forward to passing it on to the grandchildren he loved so much.”
Treat Williams, Olkewicz’ co-star in 1941, paid tribute to the actor on Twitter.
“RIP Walter Olkewicz. My fellow tank crew member in 1941,” said Williams.
Many social media users paid tribute to Olkewicz’ memorable performances in Twin Peaks.
Olkewicz is survived by his son, daughter-in law, Katrina Rennells and grandchildren Sadie and Declan Robert.