In a statement, the governing body offered its deepest condolences to the family and friends of the 25-year-old, who passed away two days after being hit in the neck by a bouncer while playing for South Australia on Tuesday.
ICC chairman Narayanaswami Srinivasan said: "We are all shocked and saddened with the news of Phillip's passing. On behalf of the entire cricket community, I would like to extend my sincere condolences to his family and friends."
ICC chief executive David Richardson added from Dubai: "He was a naturally gifted player who entertained many with his attacking approach to the game.
"All those who play, have played or are in any way connected to the game are devastated by the news. Our thoughts are with all those affected by this tragedy at this difficult time."
Born in Macksville, New South Wales, Hughes made his Test debut against South Africa in Johannesburg in 2009 and in only his second Test match, in Durban, he became the youngest cricketer to score two centuries in a Test.
Hughes played 26 Test matches in all - scoring 1,535 runs - as well as making 25 one-day international appearances and playing in one T20 for his country.
He spent time in England earlier in his career with Middlesex, Hampshire and later Worcestershire and the England and Wales Cricket Board (ECB) also paid their own tribute.
Giles Clarke, the ECB chairman, said in a statement: "This is sad and shocking news and the ECB joins England Cricket in extending its deepest sympathies and heartfelt condolences to the family of Phillip as well as all the members of the cricketing family who regarded him as a friend or colleague.
"He was an extremely popular and hugely respected cricketer in England and Wales not only as a successful tourist with various Australian teams but also as a wonderfully talented county player with Hampshire, Middlesex and Worcestershire.
"He will be missed throughout the world of cricket and today our thoughts are with his family and all those involved in Australian cricket."
As international cricket responded to the news, Pakistan and New Zealand suspended day two of the third Test as a mark of respect, while the honorary secretary of the Board of Cricket Control For India (BCCI), Sanjay Patel, paid tribute to "A fine cricketer who possessed the talent and temperament to have a long and fruitful international career," adding that Hughes "has been snatched by a cruel twist of fate".
Like many players, South Africa captain Graeme Smith took to social media to express his shock and sadness.
"Totally, totally sick inside and have no words. thinking and praying for friends and family. #RIPPhilHughes," he tweeted.
West Indies talisman Chris Gayle added: "Really Sad news to hear this morning. RIP philip Hughes. Condolences to his family - you will be missed."
Sri Lanka captain Angelo Mathews said: "The team is sadden by this shocking incident and we send our prayers and heartfelt condolences to the family of Phil Hughes and his team mates."