The 62-year-old wrestler was calling matches on Monday Night Raw - which is broadcast on the USA Network - in Montreal, Canada, when he collapsed.
Jerry - who is a member of the WWE Hall of Fame - is expected to undergo a minor procedure to place a stent in his heart, once he is physically able to have the operation.
His broadcast partner Michael Cole, 43, addressed viewers after Jerry was taken backstage, and ensured them that it was not part of any ongoing storyline in the program.
WWE have released a statement confirming that Jerry had suffered a heart attack. It read: "Jerry "The King" Lawler suffered a heart attack while commentating during last night's broadcast of Monday Night Raw in Montreal. We are hopeful Jerry makes a full recovery and returns to WWE in the near future. Our thoughts are with Jerry and his family."
His girlfriend Lauryn McBride also released a statement to his fans.
She said: "Thanks everyone for your thoughts and prayers. It has been confirmed that Jerry did have a heart attack ... he is in a stable condition and breathing on his own and his heart is stable.
"He is a strong man and we will get him back at his best as soon as I can get him home! I love you so so much baby!"
Although the commentator is best known in recent times for his broadcast work, Jerry is one of the most respected professional wrestlers of all time.
Just 30 minutes before he collapsed, Jerry had been performing in a tag team match featuring WWE Champion CM Punk, who had a scripted rivalry with the commentator.
Colleagues and fans have been tweeting their support for him. Jerry's long-time broadcast partner Jim Ross wrote: "My dear friend will fight. Please pray for him. We're all hurting."
WWE Superstar and Fozzy singer Chris Jericho posted on twitter: "Best wishes and prayers to @JerryLawler one of my favorite people in the WWE. King has been a champion for 40 yrs and he'll beat this too! (sic)"