Shearer died Tuesday at John Radcliffe Hospital, in Oxford, said her husband, Ludovic Kennedy. He said she had become weak since her birthday last month, but did not reveal the cause of death.
Shearer, born in Dunfermline, Scotland, became principal dancer at London's famous Sadler's Wells in 1942 and won her first major role in 1946, playing Sleeping Beauty at London's Royal Opera House.
A stunning redhead, she won her the role as the doomed dancer Victoria in "The Red Shoes," directed by Michael Powell and Emeric Pressburger. It was a huge international hit and was nominated for the Oscar for best picture; it won Oscars for best art direction and best music.
The film, loosely based on a Hans Christian Andersen story, is celebrated for its rich use of color and the intimate view of backstage life in the world of ballet. Shearer's character becomes a great star but is torn between her love for a young composer and her career, which is guided by a jealous impresario. The film contained a complete ballet, telling the Andersen story in dance, performed by Shearer and others.
A 1999 British Film Institute survey of movie industry professionals ranked "The Red Shoes" as one of the 10 greatest British films of all time.
Though she took roles in later films — including Powell and Pressburger's "The Tales of Hoffmann" in 1951 and Powell's 1960 thriller, "Peeping Tom" —— Shearer remained ambivalent toward films, preferring to focus her efforts on dance.
"The ballet was the thing to which she was really committed — the film industry was a bit of a distraction," Kennedy said.
"She was full of spirit and also she was very beautiful. She moved wonderfully gracefully, as you would expect of a ballet dancer," Kennedy told reporters.
Alistair Spalding, artistic director of Sadler's Wells, said members of the company were saddened by news of her death.
"She was deeply connected with the history of Sadler's Wells. She started her career here and danced and toured with the Sadler's Wells Royal Ballet," said Spalding.
Besides her husband, whom she married in 1950, Shearer is survived by their four children. Funeral arrangements and the memorial service were still being arranged.