The 34-year-old Welsh television presenter announced the news on Twitter, but did not give reasons for his departure from the programme.
Jones said: "I wont be hosting next seasons X Factor which is a shame but I cant complain as I've had a great time. Good luck to everyone on the show (sic)."
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Earlier this month, Fox entertainment chief Kevin Reilly said that he was pleased with how the first season of The X Factor had gone, but confirmed that there would be some "changes" made to the second season.
When asked about Jones's future as host, he said: "The hosting gig, the only thing I will say, is, as we know, a much harder job than meets the eye. I think everyone has come to realise the value of a Ryan Seacrest.
"If you dialled the clock back 11 years, I'm not sure everybody in this room would have given him all the credit at that time. Those are very hard jobs to do. So whether Steve's the guy or not, it comes under the heading of 'growth' in general."
It was first rumoured that Jones had been axed from The X Factor last December, with insiders claiming that only a "miracle" would save his job. The star was said to be "devastated" at the prospect of moving on from the show.
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Watch Steve Jones discuss his role on The X Factor last year below: