The royal figure surrenders his title as the Duke.
He is giving up his designations, among them the York's Duke, he has declared in a individual message.
He has been under growing scrutiny over his links with sex offender Epstein, with demands for the Palace to take steps against him.
That now seems to have resulted in the royal deciding to voluntarily give up his honors and to relinquish membership of the Garter Order.
In his message he said he continued to "vigorously deny the allegations against me".
"In talks with the monarch, and my direct and broader family, we have agreed the persistent allegations about me take away from the work of the monarch and the royal household," said a statement from the royal.
"I have decided, as I always have, to put my responsibility to my relatives and land first.
"I uphold my choice five years ago to stand back from public life.
"With His Majesty's approval, we think I must now go a further step. I will therefore no longer employ my honor or the awards which have been granted to me. As I have said previously, I vigorously refute the allegations against me."
Prince Andrew has faced a number of scandals, including a legal case he settled with an accuser, questions about his economic affairs and his association with an suspected foreign agent.
He will stay a royal - but will cease to be the the Duke, a title received from his parent, the Queen Elizabeth II.
The prince had already stopped to be a "participating figure" and had lost the use of his royal style and no longer appeared at official royal events. His position now will be even more lessened.
His ex-wife will be known as Ferguson and no longer the Duchess, but their daughters will persist to have the designation of royal princess.
Prince Andrew has been under strong attention over his associations with convicted sex offender Jeffrey Epstein, more lately including doubts about when he had actually severed communication.
In his BBC Newsnight interview, Prince Andrew had said that he had ended all connections with Jeffrey Epstein after they had been photographed together in NYC in the end of 2010.
But emails sent in February 2011 later emerged implying that Andrew had in private continued in contact with him, including exchanging a communication: "Remain connected and we'll have further interactions soon!"
There had been growing annoyance in Buckingham Palace at the controversies that persisted to plague the prince.
Next week a late publication by the accuser will be issued which is likely to draw more scrutiny on Prince Andrew's involvement with Virginia Giuffre and Epstein.