The most recent version of the device - the iPod Touch - has not been updated since 2019 and many of its features are now incorporated into other Apple devices and services.
Apple said it would continue to sell the Touch, the last remaining generation of the iPod on sale, "while supplies last".
When it was introduced by late Apple co-founder Steve Jobs in 2001, the iPod was the first MP3 player capable of storing 1000 songs and came with 10-hour battery life.
The tech giant went on to produce multiple versions of the device - including the iPod mini and iPod nano - but many experts have long predicted it was unlikely to remain in production in the long term because of the rise of the iPhone and other smartphones which have cannibalised dedicated music players.
Greg Joswiak, Apple senior vice-president of worldwide marketing, said the iPod had "redefined how music was discovered".
"Music has always been part of our core at Apple, and bringing it to hundreds of millions of users in the way iPod did impacted more than just the music industry - it also redefined how music is discovered, listened to, and shared," he said.
"Today, the spirit of iPod lives on.
"We've integrated an incredible music experience across all of our products, from the iPhone to the Apple Watch to HomePod mini, and across Mac, iPad, and Apple TV. "And Apple Music delivers industry-leading sound quality with support for spatial audio - there's no better way to enjoy, discover, and experience music."