She was a foreign minister from Sep 2013 to Aug 2018, and deputy leader of the Liberal Party, which governs in coalition with the Nationals.
Speaking in Canberra she said: "I have reconsidered my position as the Member for Curtin".
She said she will not be re-contesting the seat of Curtin and said she would help a new Liberal candidate to win her seat.
The news is not necessarily surprising.
"I am also proud of the fact that I am the first woman to contest a leadership ballot of the Liberal Party in its 75-year history", she told the parliament on Thursday.
Bishop, who resigned both her posts after a backbench revolt last August forced then prime minister Malcolm Turnbull from power, was defeated in a party vote to replace him, with then treasurer Scott Morrison succeeding instead.
In January, Minister for Women Kelly O'Dwyer said she would retire, after backbencher Julia Banks quit the party late past year to sit as an independent, protesting against its treatment of women and policies on energy and climate change.
From the hellish inferno of politesse that is the foreign affairs portfolio has emerged - phoenix-like, diamond-hard and glittering - a creature so confident in her diplomatic skills that she can stand in Parliament and declare with an absolutely straight face, that the last few weeks has made her certain that the Government will be returned, and that's why she's quitting.
Bishop's plans for the future have yet to be announced - but it'd be a safe bet to suggest a memoir might be forthcoming, following a recent trend.
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Ms Bishop said a number of "extraordinarily talented" people, including women, had contacted her about running in the West Australian seat if she chose to stand down.
Julie has been a good friend.
Julie Bishop is believed to be courting board roles, with speculation ANZ and Qantas have been in talks with the former foreign minister.
"I have valued her judgement, appreciated her insight and admired the tireless way she has served the Party, the Parliament and Australia".
Ms Bishop hugs Minister for Jobs Kelly O'Dwyer after announcing her retirement.
"Australia has not forgotten those awful days and still waits for the perpetrators of that crime to be brought to justice".
"But a lot of it fell to her: the calm and composure and the kindness".
"I remember the service in Melbourne at St Patrick's and she was, she really was a leader".
"And on that regard, if any of us were ever to be privileged to be in the position that she was in, dealing with the Russians and other people I hope that any of us would show the same strength that she showed".