Redmond rushed to the track to help his son, who tore his hamstring early in the home stretch in the 400m semi-final.
The British sprinter, supported by his father, limped to the finish line.
"Our hearts go out to Derek Redmond and his family following the passing of his father, Jim. Together they brought us one of the most inspiring moments in Olympic history," said the International Olympic Committee ( CIO) on his Twitter account.
The UK National Olympic Committee said the Redmonds created an Olympic moment that will "never be forgotten", about the streak that became one of the most watched in Games history on social media.
In a 2012 BBC interview, Derek Redmond revealed that his father initially tried to persuade him not to attempt to finish the race.
"He tried to talk me out of it at first," he recalled.
"He was telling me that I had nothing to prove and that I didn't need to do this, but I told him that I was going to finish. Then he said that we were going to do it together. That's what we did, and I walked over the line limping and crying."
© 2022 AFP