The long-running daytime dramas will come to an end on September 2011 and January 2012 respectively, the network has announced.
A food-themed talkshow, The Chew, and a makeover show, The Revolution, will replace the soaps on the network's daily daytime schedule.
Brian Frons, President of Daytime for Disney ABC/Television Group, called the schedule change "bittersweet".
"While we are excited about our new shows and the shift in our business, I can't help but recognise how bittersweet the change is," Frons said.
Frons added that the network is looking to add "informative, authentic and fun shows that are relatable, offer a wide variety of opinions and focus on 'real life' takeaways" to its lineup.
"A perfect example of this is The View, and that factored into our decision. The Chew and The Revolution are in the same vein and will be great additions to the lineup, with The View serving as an ideal foundation from which to launch these programmes. They will also provide enormous opportunity for the creation of ancillary businesses and growth," Frons explained.
One Life to Live premiered on ABC on July 15, 1968. All My Children began broadcasting on ABC on January 5, 1970.