The pair started dating late last year.
"Criss and Holly are no longer a couple," their publicist, Steve Flynn, told People magazine. "They remain very close friends and wish each other the very best."
Madison is best known for her work on the reality TV show "The Girls Next Door." She had been dating Playboy mogul Hugh Hefner until last October.
"All she's doing is following Criss Angel around to all of his magic shows, with no legitimate job to speak of," a source told Usmagazine.com. "She's still heartbroken and regretful about how things went down with Hef. Then she ran into the arms of Criss Angel, but then it's like, 'This is not everything I thought it would be.'"