The Duke of York relinquishes his designation as York's Duke.
Prince Andrew is giving up his titles, including the Duke of York, he has declared in a personal statement.
He has been under growing pressure over his connections with sex offender Epstein, with requests for the monarchy to take steps against him.
That now looks to have caused the royal deciding to voluntarily return his honors and to relinquish membership of the Order of the Garter.
In his statement he said he continued to "vigorously refute the accusations against me".
"In discussion with the sovereign, and my immediate and extended family, we have concluded the continued allegations about me distract from the responsibilities of His Majesty and the royal household," said a announcement from Prince Andrew.
"I have decided, as I always have, to put my responsibility to my family and nation first.
"I stand by my resolution five years ago to withdraw from royal engagements.
"With the monarch's consent, we believe I must now go a additional measure. I will therefore no longer hold my title or the honours which have been bestowed on me. As I have said before, I strongly dispute the allegations against me."
Prince Andrew has been involved in a series of controversies, among them a legal case he resolved with an accuser, inquiries about his economic affairs and his association with an suspected intelligence operative.
He will remain a royal - but will cease to be the Duke of York, a title received from his parent, the late Queen Elizabeth.
The prince had already stopped to be a "working royal" and had given up the use of his HRH title and no longer was seen at state occasions. His position now will be even more lessened.
His ex-wife will be known as Sarah and no longer Duchess of York, but their offspring will continue to have the title of royal princess.
He has been under intense scrutiny over his connections with disgraced financier Jeffrey Epstein, more recently featuring questions about when he had actually ended ties.
In his BBC Newsnight interview, he had said that he had ended all connections with the financier after they had been pictured together in New York in late 2010.
But emails sent in February 2011 later surfaced implying that the prince had privately stayed in contact with the financier, including sending a message: "Remain connected and we'll play some more soon!"
There had been growing displeasure in the royal household at the issues that persisted to envelop the royal.
Soon a posthumous memoir by Giuffre will be published which is expected to draw more focus on the royal's association with Virginia Giuffre and Jeffrey Epstein.