The Swedish Academy has been in crisis over its handling of allegations against the husband of a member.
She has since quit, as have the academy's head and four other members.
The academy says it will now announce the 2018 winner along with the 2019 winner next year.
The scandal is the biggest to hit the prize since it was first awarded in 1901.
The academy said the decision had been made due to a lack of public confidence.
Some academy members had argued that the prize should proceed to protect the tradition, but others said the institution was in no state to present the award.
Apart from six years during the world wars, there has been only one year when the prize was not awarded. No worthy winner was found in 1935.
What sparked the crisis?
Divisions started to emerge last November when French photographer Jean-Claude Arnault, who ran a cultural project with funding from the Swedish Academy, was accused by 18 women of sexual assault.
Several of the alleged incidents reportedly happened in properties belonging to the academy. Mr Arnault denies the allegations.
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