Mendes directed "Skyfall," which is the first Bond film to rake in more than $1 billion in revenue. But the director says he has made the decision to focus on other projects "that need my complete focus over the next year and beyond." They include upcoming London stage productions of "Charlie and the Chocolate Factory" and "King Lear."
Mendes told the movie magazine Empire that he was honored to have been part of the Bond family, "and very much hope I have a chance to work with them again."
Before turning to film, Mendes worked in theater. He won an Academy Award for the 2000 film "American Beauty."
"Skyfall," which stars Daniel Craig, Javier Bardem and Judi Dench, won two Oscars last month, including one for Adele's theme song.
The Associated Press contributed to this report.