The royal figure relinquishes his designation as York's Duke.
He is giving up his honors, among them the York's Duke, he has stated in a personal statement.
He has been under mounting pressure over his links with convicted criminal Epstein, with requests for the Palace to take measures against him.
That now appears to have led to the prince deciding to willingly hand back his honors and to relinquish participation of the Order of the Garter.
In his message he said he continued to "strongly dispute the accusations against me".
"In consultation with the monarch, and my close and broader family, we have decided the continued claims about me divert from the responsibilities of the King and the monarchy," said a message from Prince Andrew.
"I have decided, as I always have, to put my duty to my family and country first.
"I uphold my decision five years ago to step back from public life.
"With the King's consent, we think I must now go a additional measure. I will therefore no longer hold my title or the distinctions which have been bestowed on me. As I have said before, I vigorously refute the allegations against me."
Prince Andrew has faced a number of scandals, including a lawsuit he settled with Virginia Giuffre, questions about his money matters and his involvement with an alleged intelligence operative.
He will stay a royal - but will stop to be the the Duke, a honor granted from his parent, the Queen Elizabeth II.
The prince had already ended to be a "participating figure" and had lost the use of his royal style and no longer appeared at state occasions. His position now will be even more reduced.
His previous partner will be known as Sarah Ferguson and no longer York's Duchess, but their offspring will continue to have the honor of princesses.
The royal has faced intense scrutiny over his connections with convicted sex offender Jeffrey Epstein, more in recent times featuring doubts about when he had actually ended communication.
In his media discussion, the royal had said that he had severed all connections with Jeffrey Epstein after they had been seen together in NYC in the end of 2010.
But correspondence sent in early 2011 later came to light implying that the prince had privately remained in contact with Epstein, including swapping a note: "Keep in close touch and we'll play some more soon!"
There had been growing displeasure in Buckingham Palace at the scandals that persisted to envelop the prince.
Soon a posthumous memoir by Virginia Giuffre will be released which is expected to cast additional focus on the royal's connection with Virginia Giuffre and the financier.