Craven was 76 years old and died of brain cancer in Los Angeles.
The director's Twitter account posted a simple memorial photo today (August 30).
Craven leaves a legacy as director of 29 movies, most recently "Scream 4," and 36 writing credits. His most recent writing credit is the 2015 short "Freddy Krueger: Nightmare on Vape Street." The first three installments of the "Scream" franchise, all directed by Craven, occupy the top three slots on the all-time box office chart for slasher horror movies.
He has been leaving his mark on the horror movie genre since his first feature in 1972, "The Last House on the Left." He also created iconic nightmare villains such as Freddy Krueger, as the writer of "A Nightmare on Elm Street."
The ripples of Craven's influence on the horror genre, and indeed all of entertainment, are felt to this day. His "Scream" franchise was revived just this year as an MTV series, and his legendary characters have been terrifying thrill-seekers for decades.
Craven was also an industry veteran who was quick to share advice. Just last month, he tweeted encouragement to young filmmakers.
The cast of "Scream" tweeted remembrances of the director following the news.
MTV also released a statement about the director's death.
"Wes Craven was a tremendous visionary whose sensibility for scares has connected with generations of MTV fans. We are honored to have worked with him and proud to carry on his legacy with 'Scream.' Our hearts go out to his family and friends."