Mr Biden confirmed this news via his official X account amid increasing calls for the president to stand down as a candidate, including an influential US senator who recently called for a younger Democrat to take Biden's place.
"It has been the greatest honor of my life to serve as your President", Biden wrote. "And while it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term".
Joe Biden also added that he would: "speak to the Nation later this week in more detail about my decision".
Mr Biden's decision to stand down as a candidate in the upcoming election, also comes after a shock poll from the state of Michigan also illustrated the growing the sense of feeling that he would lose out to Republican candidate Donald Trump, should he have decided to stand again.
Earlier, US senator Joe Manchin had called for Biden to step down, in favour of a younger Democrat candidate.
"I came to this decision with a heavy heart, but I think it's time to pass the torch to a new generation", Mr Manchin told CNN.
Joe Biden has been isolating with Covid-19 at his home in Delaware since Wednesday, limiting his ability to fight back.
