The delay is down to quality issues, with the publisher revealing that "development has not progressed satisfactorily" during the past year.
"Development of Prey 2 has not been cancelled but the game will not be released in 2012 as planned. The delay is due to the fact that game development has not progressed satisfactorily this past year, and the game does not currently meet our quality standards," reads a Bethesda statement.
"Prey 2 has shown great promise and we regret disappointing our fans. We have made a substantial investment in game development to deliver the experience fans want. We are determined only to release the AAA game that fans rightfully expect, and are unwilling to compromise our quality standards to meet a release schedule."
Rumours of Prey 2's cancellation began to circulate earlier this year after a report suggested that its demise was imminent.
Prey 2, a follow-up to the 2006 first-person shooter, was announced in March 2011. The game is being developed using an engine supplied by id Software.
Bethesda was planning to release the game for PC, Xbox 360 and PlayStation 3 later this year.
Watch a trailer for Prey 2 below: