The surreal panel show, fronted by Bob Mortimer and Vic Reeves, has not been recommissioned for a ninth series.
Announcing the news on Twitter, Mortimer told fans: "BBC have just cancelled Shooting Stars."
A BBC spokesperson confirmed: "In future there will be less space on BBC Two for comedy/entertainment panel shows so sadly Shooting Stars won't be returning.
"We'd like to thank Vic and Bob for everything they've brought to the channel over the years."
The programme's last six-episode series ran from August this year.
Shooting Stars has steadily lost viewers since its triumphant return to BBC Two in 2009 following a seven-year break.
During the revival, show favourite Matt Lucas stepped down from his role as scorer George Dawes, being replaced by Angelos Epithemiou (Renton Skinner).
> Shooting Stars is relevant again, says Bob Mortimer
> Read Digital Spy's interview with Shooting Stars hosts Vic & Bob
Watch a classic clip from Shooting Stars below: