Maharathy, 65, tested positive for the viral infection on September 14. He suffered from some previous diseases such as diabetes and hypertension. He became the first law enforcement officer in the state to have succumbed to the disease.
Pradeep Maharathy and seven-time MLA member had been on respiratory support since Friday.
At least 47 MLAs from the 147-member Odisha assembly, including Vice President Rajanikanta Singh and several ministers, tested positive for Covid-19.
Leaders who crossed party lines paid tribute to Pradeep Maharathy. Describing him as a close friend, Odisha Assembly Speaker Surjya Narayan Patro said that Maharathy's death was a loss for the entire state.
Hundreds of people crowded into Pradeep Maharathy´s residence to pay their last respects.
Pradeep Maharathy had a political career that spanned three and a half decades and saw him court controversy.
He began his career in the newly formed Bharatiya Janata Party in 1985 before joining Janata Dal the same year, when he won his first election to the Pipili assembly. He joined the BJD in 2000 and was a favorite of Prime Minister Naveen Patnaik, as well as the late Prime Minister Biju Patnaik.
Pradeep Maharathy will be cremated at the Swargadwar crematorium in Puri city later on Sunday.