Joe Biden announced this in a statement shared on social media, following increased calls for him to step away, which have gathered pace in recent weeks.
The president has been criticised over his recent poor showing against Donald Trump in last month's presidential debate, as well as a series of high profile gaffes.
Several figures from within US politics, including senator Joe Manchin, have called for Mr Biden to step away from November's election, with actor George Clooney who is a Democrat donor, also writing a latter which was published in the New York Post, calling for Mr Biden to stand down as a candidate.
Announcing his decision to step down, Joe Biden released this statement.
“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”.
Joe Biden has also said that he offers his “full support and endorsement” for Vice President Kamala Harris to be the next presidential candidate from the Democratic Party.
Following this, several figures from the entertainment industry, have reacted to this news, including director Jon Favreau, singer/actress Barbara Streisland, as well as Ariana Grande and Lizzo.
Director Jon Favreau called it a “courageous and selfless decision”.
“The President did what he’s done for the last four years – he listened to the American people and put the country’s interests ahead of his own”, he said. “The exact opposite to Donald Trump”.
Actress Barbara Stresiland added that Joe Biden would “go down in history as a man who accomplished significant achievements during his 4 year term”.
Other stars who reacted to this news also include Ariana Grande, Lizzo, and Finneas.
