Ms Bhutto had just addressed an election rally in Rawalpindi when she was shot in the neck by a gunman who then reportedly set off a bomb.
At least 15 other people died in the attack and several more were injured.
President Pervez Musharraf and his government called on people to remain calm so that the
"nefarious designs of terrorists can be defeated."
Ms Bhutto had twice been the country's prime minister and had been campaigning ahead of elections due in January.
Nawaz Sharif, also a former prime minister and a political rival, told media her death was a tragedy for "the entire nation".
"I can't tell you what the feelings of the people of Pakistan are today,"
he told News 24 after returning from the hospital where she was brought.
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