Matthews made the stunning announcement at the start of the "Hardball" broadcast Monday night.
Monday night, he apologized for comments he's made in the past about a woman's appearance although not referring directly to those allegations.
"Compliments on a woman's appearance that some men — including me — might have once incorrectly thought were okay were never okay — not then and certainly not today. And for making such comments in the past, I'm sorry."
Matthews also ran into blowback and calls on social media for his immediate dismissal for his recent comments on the candidacy of Bernie Sanders comparing the Vermont senator's kind of Democratic socialism to that of Cuba's Fidel Castro.
The 74-year-old Matthews — a lifelong Democrat — has written nine best-selling political books, including a biography of the late President John F. Kennedy.
He says he's working on another book and plans to continue writing and speaking about politics.
"And, for those of you who've gotten in the habit of watching 'Hardball' every night, I hope you're going to miss me because I'm going to miss you. But remembering Humphrey Bogart in "Casablanca," we'll always have "Hardball." So, let's not say good-bye, but till we meet again."
Although spending much of his time in Washington, Matthews has maintained close ties to the Philadelphia area.
His brother, Jim Matthews, a Republican, is a former Montgomery County commissioner.
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