Associated Press/Andrew Harnik
President-elect Donald Trump speaks to members of the media at Mar-a-Lago, in Palm Beach, Fla., Wednesday, Dec. 21, 2016.
"The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups," Trump said in a statement.
"However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways."
The Donald J. Trump Foundation was highly scrutinized over the course of Trump's campaign. Media investigations found that Trump had provided no donations to his own foundation since 2008, and suggested he used the foundation's money to settle legal disputes involving his for-profit businesses.
The foundation also said in its 2015 tax filings that it violated a ban on self-dealing by transferring income or assets to a "disqualified person."
The foundation is currently under investigation by the New York State attorney general's office after a Washington Post report said it fundraised in the state when it wasn't registered to do so.
The current status of the investigation wasn't immediately clear Saturday.
The move from Trump comes as he and his family have faced intense scrutiny over how they will avoid conflicts of interest after he becomes president next month. Earlier this week, Trump's son, Eric, suspended his own charitable foundation over concerns about possible conflicts of interest.