The actor, who played Commander Taylor on the programme, expressed his dismay at the news in a statement to Deadline.
Lang compared the show to the Hubble Space Telescope, which he describes as having had a "serious flaw" but still "delivered images of transcendent beauty".
He went on to say: "So too Terra Nova. Even in its flawed first season, each episode was full of marvelous moments and beautiful images. With correction, and given the chance, Terra Nova can and will deliver seasons of transcendent images and story-telling.
"Failing to renew Terra Nova is shortsighted, as myopic as it would have been to scrap the Hubble. Terra Nova is the Hubble Telescope of television."
Other Terra Nova stars including Jason O'Mara and Naomi Scott have expressed their feelings via Twitter, thanking fans for their support of the show and expressing sadness over the end of the series.
Star Allison Miller has signed on to join Matthew Perry's upcoming television comedy Go On.
The final episode of Terra Nova aired on December 19, 2011 on Fox, although it has been reported that the show is being shopped to other networks.
Watch a clip from the Terra Nova finale below: