Mr Morrison confirmed the departure on social media on Tuesday.
"After more than 16 years as the Member for Cook, I have decided to leave parliament at the end of February to take on new challenges in the global corporate sector and spend more time with my family," he wrote on Facebook.
"I am extremely grateful to my family, friends, local community and local party members and supporters in Cook for their incredible support during this time, that has enabled me to serve my country at the highest level and make Australia a stronger, more secure and more prosperous country."
Mr Morrison served as Australia's 30th prime minister from 2018 until May 2022, when his Liberal government lost the federal election, and later moved to the backbench.
His resignation is set to trigger a by-election in the southern Sydney electorate of Cook.
"By giving advance notice of my intention to leave parliament at the end of February, this will give my party ample time to select a great new candidate who I know will do what's best for our community and bring fresh energy and commitment to the job," Mr Morrison said.
Mr Morrison's term, and the period shortly thereafter, has been plagued with controversy.
He drew criticism from the public during the 2019 Black Summer bushfires, when he flew to Hawaii on a holiday as large swathes of the nation burned.
He will also be remembered as the prime minister who led the country through the 2020 COVID-19 pandemic.Â
Mr Morrison's 2022 election campaign will also be recalled for its unusual moments.
During the Tasmanian leg of his journey, he famously tackled a child during a soccer match and on a night off, he posted a photo of his Sunday dinner which appeared to show raw chicken tucked within a brinjal curry.
In August 2022, it was revealed he had appointed himself minister of health, home affairs, treasury, industry and finance at various times during the COVID-19 pandemic.
Before his run as prime minister, Mr Morrison was appointed Immigration Minister and he and Tony Abbott launched Operation Sovereign Borders, better known as the 'Stop the Boats' policy.
In 2015, he also served as the Social Services Minister and helped establish the Robodebt scheme, which issued hundreds of thousands of incorrect debt notices to low-income Australians.
Under then prime minister Malcolm Turnbull, Mr Morrison was appointed treasurer before being upgraded to the top job after the 2018 leadership spill.
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