The Duke of York surrenders his designation as the Duke.
He is surrendering his designations, including the the Duke, he has stated in a personal statement.
He has been under increasing pressure over his links with convicted criminal Epstein, with demands for the royal household to take action against him.
That now appears to have resulted in the prince deciding to voluntarily return his honors and to give up membership of the prestigious order.
In his statement he said he continued to "firmly dispute the allegations against me".
"In talks with the monarch, and my direct and wider family, we have decided the persistent accusations about me take away from the work of the monarch and the royal household," said a statement from Prince Andrew.
"I have opted, as I always have, to put my duty to my relatives and nation first.
"I uphold my resolution five years ago to stand back from royal engagements.
"With the monarch's consent, we believe I must now go a step further. I will therefore no longer employ my title or the distinctions which have been conferred upon me. As I have said previously, I firmly dispute the allegations against me."
Prince Andrew has faced a range of issues, among them a legal case he resolved with Virginia Giuffre, doubts about his finances and his involvement with an accused foreign agent.
He will remain a royal - but will discontinue to be the York's Duke, a title received from his parent, the Queen Elizabeth II.
He had already ended to be a "active member" and had forfeited the use of his HRH title and no longer appeared at public engagements. His position now will be even more lessened.
His former spouse will be known as Sarah Ferguson and no longer Duchess of York, but their offspring will carry on to have the designation of princesses.
The royal has encountered intense examination over his connections with notorious figure Epstein, more recently featuring inquiries about when he had really ended contact.
In his television appearance, he had said that he had severed all connections with Epstein after they had been seen together in the city in the end of 2010.
But messages sent in the following year later came to light implying that Andrew had confidentially continued in touch with the financier, for example exchanging a message: "Keep in close touch and we'll have further interactions soon!"
There had been growing frustration in the royal household at the issues that continued to surround the figure.
Soon a book released after death by the accuser will be issued which is expected to draw additional focus on Prince Andrew's connection with the plaintiff and Jeffrey Epstein.