However, he will remain a prince, having been born the son of Elizabeth II.
His former wife, Sarah Ferguson, will also no longer use her title of The Duchess of York, it is understood.
In a statement, Prince Andrew said: “In discussion with The King, and my immediate and wider family, we have concluded the continued accusations about me distract from the work of His Majesty and the Royal Family.
“I have decided, as I always have, to put my duty to my family and country first. I stand by my decision five years ago to stand back from public life.
LIVE: Prince Andrew latest: ‘I must go a step further’ – Duke explains move to give up royal title
“With His Majesty’s agreement, we feel I must now go a step further. I will therefore no longer use my title or the honours which have been conferred upon me.
“As I have said previously, I vigorously deny the accusations against me.”
King ‘glad’ of the outcome
The decision comes following increased pressure on Prince Andrew after more reports emerged of his relationship with paedophile financier Jeffrey Epstein, and his relationship with an alleged Chinese spy.
It is understood that the change will take effect immediately.
The King is glad of the outcome, it is understood, after the decision was taken in close consultation with His Majesty and other members of the Royal Family.
Sky News understands he will continue to be known as Prince Andrew and will continue to live at the Windsor Estate at the Royal Lodge.
The move also does not impact the position of the Princess Beatrice and Princess Eugenie, it is understood.
For the second year running he will not be attending the Royals’ Christmas celebrations at Sandringham, Sky News understands.
‘An unwelcome distraction’
Sky News’ royal correspondent, Rhiannon Mills, said: “This is quite an extraordinary move. I think it shows that, actually, things had gone too far.
“Prince Andrew, and allegations about him and Virginia Giuffre, were continuing to be too much of a distraction for the Royal Family.
“There are a few more details that I can tell you. This decision was taken in conjunction with the King. Yes it was the Prince’s decision, but with very close consultation with the King involved.
“We understand that the King is glad of this outcome. This change comes into effect immediately. So from this moment he no longer holds those titles.
“The decision was taken in recognition of the fact that the Prince’s personal issues have continued to be what has been described as an unwelcome distraction from the wider work of the Royal Family.”
What is Prince Andrew accused of?
Prince Andrew has denied allegations made by Giuffre, who died by suicide in April and is one of Epstein’s victims, of sexual assault.
She had filed a civil lawsuit against Prince Andrew accusing him of sexually assaulting her on three occasions after she was introduced to him by Epstein.
In a 2019 interview with BBC Newsnight, he said he had no knowledge of ever meeting Giuffre, claiming a well-known image of them together had been doctored.
The case was settled outside of court for a sum believed to have been around £12m.
