"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," said a statement from Prince Andrew.
"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.
"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."
Prince Andrew has faced a series of scandals, including a court case he settled with Virginia Giuffre, questions about his finances and his involvement with an alleged Chinese spy.
He will remain a prince - but will cease to be the Duke of York, a title received from his mother, the late Queen Elizabeth.
Andrew had already ceased to be a"working royal" and had lost the use of his HRH title and no longer appeared at official royal events. His role now will be even more diminished.
His ex-wife will be known as Sarah Ferguson and no longer Duchess of York, but their daughters will continue to have the title of princess.
Prince Andrew has faced intense scrutiny over his links with disgraced financier Epstein, more recently including questions about when he had really cut off contact.
In his BBC Newsnight interview, Prince Andrew had said that he had severed all links with Epstein after they had been photographed together in New York in December 2010.
But emails sent in February 2011 later emerged suggesting that Andrew had privately stayed in touch with Epstein, including swapping a message:"Keep in close touch and we'll play some more soon!"
There had been growing frustration in Buckingham Palace at the scandals that continued to surround the prince.
Next week a posthumous memoir by Virginia Giuffre will be published which is likely to cast further attention on Prince Andrew's involvement with Ms Giuffre and Epstein.
