The couple announced the news on their Twitter accounts today.
Carrey tweeted: "Jenny and I have just ended our 5yr relationship. I'm grateful 4 the many blessings we've shared and I wish her the very best! S'okay! ?;^> (sic)."
McCarthy followed: "Im so grateful for the years Jim and I had together. I will stay committed to Jane (Carrey's daughter) and will always keep Jim as a leading man in my heart."
Carrey's publicist later issued a statement about the break-up.
"Jim and Jenny have recently decided to end their five-year relationship," it read. "They are grateful for the many blessings they have shared and wish each other the very best."