Originally from London, Preston spent many years in Australia after relocating in the late 1960s. During his time there, he became known for his roles in popular television series such as Homicide, Bellbird, and Chopper Squad.
He gained further recognition with his role as Pappagallo in the legendary 1981 film Mad Max 2, sharing the screen with stars like Mel Gibson and Bruce Spence.
In addition to his acting career, Preston was a familiar face on television as the host of the well-loved variety show In Melbourne Tonight during the late '60s.
His hosting work saw him become a two-time Logie Award winner, taking home Best Male Personality in Victoria in consecutive years, 1969 and 1970.
The Australian media industry is in mourning following the death of beloved Mad Max 2 star Mike Preston last month aged 92
Preston was also nominated for Best Actor in a Lead Role by the Australian Film Institute in 1979, for his work in the movie The Last of the Knucklemen, opposite Michael Caton and Steve Bisley.
He also worked on several international productions, including Highlander: The Series, Baywatch Nights and the 1997 movie Steel, opposite Shaquille O'Neal.
His final acting role was an episode of Law & Order in 1998.
Across his celebrated career, Preston worked with many of Australia's most popular actors, including Mel Gibson, Bud Tingwell, Lionel Long and Shane Porteous.
Preston's passing was confirmed to Variety on Tuesday by his wife Josie.
In addition to his acting work, Preston was also a singer and had a top 20 hit in Australia in 1958 with his song My Lucky Love.
The popular performer also charted in the UK with his songs Marry Me and Mr Blue.
He is survived by his wife Josie and their two daughters.
The London-born actor lived in Australia for decades beginning in the late '60s, where he starred in a variety of popular TV shows. He also had a supporting role in the iconic 1981 Australian movie Mad Max 2, opposite Mel Gibson
Preston was also a TV presenter, hosting the popular variety series In Melbourne Tonight in the late '60s. His hosting work saw him become a two-time Logie Award winner, taking home Best Male Personality in Victoria in consecutive years, 1969 and 1970
His death came just weeks before the passing of another Mad Max 2 star, Kjell Nilsson.
The iconic Swedish actor, who terrified audiences as the fearsome Lord Humungus, died on July 2.
The cult film favourite passed away peacefully in his sleep in Queensland, Australia, according to a statement shared on his official Facebook page.
The heartfelt post revealed Nilsson had spent the last four-and-a-half years fighting end-stage kidney disease while undergoing dialysis three times a week.