"His work with Monty Python, his books, films, television programs, poems, and other work will live on forever, a fitting legacy to a true polymath," they said.
Along with Eric Idle, John Cleese, Michael Palin, Graham Chapman, and Terry Gilliam, Jones formed Monty Python's Flying Circus, whose anarchic humour helped revolutionise British comedy.
The Welsh actor and writer played a variety of characters in the iconic comedy group's Flying Circus TV series, and directed several of their films.
Fellow Python star Sir Michael Palin described Jones as "one of the funniest writer-performers of his generation".
Palin added: "Terry was one of my closest, most valued friends. He was kind, generous, supportive and passionate about living life to the full.
"He was far more than one of the funniest writer-performers of his generation, he was the complete Renaissance comedian - writer, director, presenter, historian, brilliant children's author, and the warmest, most wonderful company you could wish to have."
In a tweet, John Cleese said he was "a man of so many talents and such endless enthusiasm".
Eric Idle, another member of the comedy troupe recalled the "many laughs [and] moments of total hilarity" they shared.
"It's too sad if you knew him, but if you didn't you will always smile at the many wonderfully funny moments he gave us.”
Other comedy greats took to Twitter to share their sorrow at Jones’ death.