Daniel Johns, Chris Joannou and Ben Gillies formed the band in 1992. The Australian group posted an official announcement on their website detailing the break-up.
"We formed Silverchair nearly 20 years ago when we were just 12 years old. Today we stand by the same rules now as we did back then... if the band stops being fun and if it's no longer fulfilling creatively, then we need to stop," the statement read.
"Therefore after much soul-searching we wanted to let you know that we're putting Silverchair into indefinite hibernation and we've decided to each do our own thing for the foreseeable future.
"We assure you that this decision has not been taken lightly. In fact we've been struggling with it for quite a while now.
"The three of us still truly care about each other. At the moment Ben's busy in the studio recording his own music, Chris is working on various business, musical and charitable ventures while Daniel is creating a film soundtrack and working on other musical projects. We hope you'll continue to take an interest in our individual work over the years ahead."
The band have been hugely successful in their native Australia. They have sold over six million records and have won a record 21 ARIA awards.
Watch the video for Silverchair's 'Tomorrow' below: