The publication's last print edition will be its Dec. 31 issue.
The announcement of the change was made by Tina Brown, editor-in-chief and founder of The Newsweek Daily Beast Co., on The Daily Beast website Thursday.
"In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format," she said.
Brown said the move will likely lead to layoffs but no specific figure was given.
The digital edition will have the new name, Newsweek Global, and will be a single, worldwide edition that requires a paid subscription.
The move to digital comes as more and more consumers are on the go and use their cellphones and tablets to receive the news.
More media organizations have had to increasingly shift more of their focus online. For example, SmartMoney announced in June that it was shuttering its print publication in favor of a digital format. Dow Jones & Co., a unit of News Corp., said at the time that 25 positions at SmartMoney would be eliminated.
The Associated Press contributed to this report.
