"This decision was reached after much consideration and discussion with my family," the Michigan Republican said in a prepared statement.
House GOP term limits would have prevented Camp from serving again as chairman of the powerful tax writing committee but wouldn't have barred him from seeking another term in the House.
"Serving in Congress is the great honor of my professional life," Camp said in the statement. "I am deeply grateful to the people of the 4th Congressional District for placing their trust in me. Over the years, their unwavering support has been a source of strength, purpose and inspiration.
"During the next nine months, I will redouble my efforts to grow our economy and expand opportunity for every American by fixing our broken tax code, permanently solving physician payments for seniors, strengthening the social safety net and finding new markets for U.S. goods and services.”
Camp, an ally of House Speaker John Boehner, R-Ohio, released an ambitious tax reform plan earlier this year. It's uncertain if House Republican leaders, who control the chamber, will move forward with the proposal.
Boehner, who like Camp was elected to the House in 1990, called the Michigan lawmaker "a leader in the fight to increase economic growth."
"Along with his colleagues on the Ways and Means Committee, the entire House Republican Conference and the whole House, I will miss him," Boehner said.
But Democratic Congressional Campaign Committee Chairman Steve Israel of New York took another position, saying that "yet another senior Republican committee chairman is abandoning John Boehner and his toxic Republican Congress."
Camp is the fourth member of the Michigan congressional delegation to say they will step down when their current term expires in January, and the second to do so in the past week after Republican Rep. Mike Rogers, chairman of the House Intelligence Committee, said Friday he won't seek an eight term.
Camp is the 23rd House member this Congress to announce retirement who isn't running for another office.