The former deputy Liberal leader announced her long-rumoured decision after question time in Canberra on Thursday.
“I will not recontest the seat of Curtin at the next election,” she said on Thursday, declaring she believed the government would win the coming poll.
Ms Bishop said a number of “extraordinarily talented” people, including women, had contacted her about running in the West Australian seat if she decided to stand down.
“I will work hard in the meantime to assist a new Liberal candidate to win the seat,” she said.
“It is time for a new member to take my place.”
She thanked the prime ministers who chose her to serve as a minister – John Howard, Tony Abbott and Malcolm Turnbull.
Ms Bishop has been an MP since 1998, and was Australia’s first female foreign minister and deputy Liberal leader.
Ms Bishop’s political future has been under question since she decided against remaining in cabinet after Malcolm Turnbull resigned as prime minister in August 2018.
Prime Minister Scott Morrison referred to a Bible verse when he thanked Ms Bishop for her 21 years in parliament and her devotion to the Liberal party.
“‘Well done good and faithful servant’ … this is a phrase that speaks very much to the member for Curtin,” Mr Morrison told parliament.
“Her successor will have big shoes to fill and we all know Julie has the best shoes in the parliament.”
Julie Bishop describes her typical morning on the Today Show. Post continues below…