In an interview with Fox News, Jindal stated, "This is not my time."
The Republican failed to make the main stage for the four GOP debates. Even though he concentrated his efforts in Iowa, he didn't gain much support there against higher-profile Republican candidates.
The move leaves 14 candidates vying for the Republican nomination. Jindal, 44, said he hadn't given much thought to who he'd endorse for president, but said he intends to support the eventual Republican presidential nominee.
Jindal has been one of the more vocal candidates to criticize other front-runners such as Donald Trump.
"Going forward, I believe we have to be the party of growth and we can never stop being the party that believes in opportunity," Jindal said.
Jindal has served as governor of Louisiana since 2008, after serving in the House for three years.
The governor is term-limited in Louisiana and will be out of office in January. Jindal said he intends to work with a think tank he started a few years ago called America Next.
The Associated Press contributed to this report.