He appeared alongside Schwarzenneger in blockbuster movies "The Terminator", "The Running Man" and "Conan the Barbarian".
The movie star and former Governor of California paid tribute to his best friend in a touching post on social media and with a moving tribute on website medium.
"I love you Franco. I will always remember the joy you brought to my life, the advices you gave me, and the twinkle in your eye that never disappeared. You were my best friend," Schwarzenneger tweeted.
Fellow actor Sylvester Stallone paid tribute to Columbu and posted several images of the two men together.
"From the minute we met in Munich, you were my partner in crime. We pushed each other, we competed with each other, and we laughed at every moment along the way," Schwarzenneger wrote.
"When I finally got to America, I was alone. I'd left my family, my country, my whole life behind. So when I asked Joe Weider to bring you to train with me, it was because I knew I wasn't the same without my best friend. I could thrive without money, without my parents, but I couldn't thrive without you.
"I am devastated today. But I am also so, so grateful for the 54 years of friendship and joy we shared.
"I love you Franco. I will always remember the joy you brought to my life, the advices you gave me, and the twinkle in your eye that never disappeared. You were my best friend."