BBC One controller Jay Hunt promised that the last series, which will air this summer, will provide a "fitting farewell" for the Roy Clarke-penned sitcom.
Following the adventures of characters such as Compo (Bill Owen), Nora Batty (Kathy Staff) and Edie Pegden (Thora Hird), the programme has survived for nearly four decades, despite a large number of the cast members passing away and frequent rumours that the show would be pulled off air.
The final run will feature long-time cast member Peter Sallis as Norman Clegg, alongside Russ Abbott (Hobbo) and Brian Murphy (Alvin).
"It is a testimony to the wit and warmth of the characters that Roy Clarke originally created that this amazing series has endured over several decades," said controller of comedy commissioning Cheryl Taylor.
"The BBC feels enormously privileged to have played host to its many charms for such a long time and we very much respect the affection in which it is held.
"It is very tough to have to call time on such a cherished institution but we are very sincere in our gratitude for, and admiration of Last Of The Summer Wine. It is the undisputed champion of long-running comedy series."
To celebrate the show's finale, special editions of Countryfile and Songs Of Praise will air from Holmfirth, Yorkshire, where the series has been filmed since 1973.