But while she will give up her anchor and reporting duties for ABC News in the summer of next year, she will remain executive producer of "The View." ABC News reported Walters, 83, will discuss her decision Monday on "The View."
"I am very happy with my decision and look forward to a wonderful and special year ahead both on 'The View' and with ABC News," she said. "I created 'The View' and am delighted it will last beyond my leaving it."
Walters began her career in 1961 at NBC's "Today Show" and in 1976 became the first woman to anchor an evening news program when she joined ABC's "Evening News." She became a co-host of "20/20" three years later.
"There's only one Barbara Walters," ABC News President Ben Sherwood said. "And we look forward to making her final year on television as remarkable, path-breaking and news-making as Barbara herself. Barbara will always have a home at ABC News and we look forward to a year befitting her brilliant career, filled with exclusive interviews, great adventures and indelible memories."
Walters, whose announcement had been expected for months, said she is ready to watch other journalists from the sidelines.
"I do not want to appear on another program or climb another mountain," she said. "I want instead to sit on a sunny field and admire the very gifted women -- and OK, some men too -- who will be taking my place."
Notable deaths of 2014 [PHOTOS]