Ryland Headley was charged overnight by detectives and is due to appear at Bristol Magistrates' Court via video link on Wednesday.
Ms Dunne's body was discovered by a neighbour inside her home in the Easton area of Bristol in June 1967, almost six decades ago.
Her cause of death was recorded as strangulation and asphyxiation.
Detective Inspector Dave Marchant said: "This development marks a hugely significant moment in this investigation.
"Now criminal proceedings are under way it's important to stress the defendant has the right to a fair trial.
"Any speculation or misinformation on the circumstances of this case has the potential to prejudice these ongoing proceedings.
"We've updated Louisa's family about this charging decision and a specialist liaison officer will continue to support them in the coming days, weeks and months."