After 50 years in broadcasting, Philbin said he would be stepping down from the show toward the end of the summer, but did not specify a departure date.
The show's distributors, Disney-ABC Domestic Television, said in a statement the "Live" franchise will continue, adding that a new co-host will be named to join Ripa, who marks 10 years with the show next month.
But Philbin, referring to his time left on the show, assured viewers, "We'll have a lot of fun between now and then."
"All the fun we've had, the co-hosts, but there is a time, everything must come to an end," Philbin said.
Philbin has been a fixture in broadcasting for decades. He got his start in the 1960s as regular sidekick for host Joey Bishop.
He then worked in Los Angeles at ABC7 during the 1970s, both as an entertainment reporter and as the host of "A.M. Los Angeles."
But New York City beckoned and Philbin took his talk show skills to his hometown. The show went national in 1988 with his co-host, Kathie Lee Gifford.
Gifford left the show in 2000 and was replaced by Ripa.
With both co-hosts, Philbin has earned 14 Emmy nominations as best talk show host.
The broadcasting legend was also awarded a star on the Hollywood Walk of Fame in 2003.
In recent years, Philbin has dealt with some major health issues.
He underwent triple bypass surgery in 2007 and a hip replacement in 2009.
The Associated Press contributed to this report.