The announcement comes amid a renewed attention on gun control issues following the fatal shooting of 17 people at a high school in Parkland, Florida. Parkland students have joined with gun-control advocates to demand tighter national restrictions on assault weapons and high-capacity magazines.
"In light of recent events, we've taken an opportunity to review our policy on firearm sales," Walmart said in a written statement.
Walmart already ended the sale of modern sporting rifles, including the AR-15, in 2015. The company noted it does not sell handguns - except in Alaska - or bump stocks, high-capacity magazines and other accessories.
It said it is also removing items from its website that resemble assault rifles, including toys and airsoft guns.
"Our heritage as a company has always been in serving sportsmen and hunters, and we will continue to do so in a responsible way," the company said.
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Walmart has more than 11,000 stores worldwide and is considered the world's largest company in terms of revenue.
Also Wednesday, Dick's Sporting Goods announced it no longer plans to sell assault-style rifles and high-capacity magazines.
Dick's, the nation's largest sporting-goods chain, said it also will no longer sell firearms to anyone under age 21 and will no longer sell high-capacity magazines.