A statement issued by the network announced that the show will bow out with a two-hour series finale to air on May 24.
It is thought that declining ratings and increasing production costs led to the show's end.
The programme's cancellation was a joint decision by star and executive producer Kiefer Sutherland, executive producer and showrunner Howard Gordon, Twentieth Century Fox Television, Imagine Entertainment and Fox Broadcasting Company.
Sutherland said: "This has been the role of a lifetime, and I will never be able to fully express my appreciation to everyone who made it possible. While the end of the series is bittersweet, we always wanted 24 to finish on a high note, so the decision to make the eighth season our last was one we all agreed upon.
"This feels like the culmination of all our efforts from the writers to the actors to our fantastic crew and everyone at Fox. Looking ahead to the future, Howard Gordon and I are excited about the opportunity to create the feature film version of 24. But when all is said and done, it is the loyal worldwide fanbase that made it possible for me to have the experience of playing the role of Jack Bauer, and for that I am eternally grateful."
The movie, which will see Sutherland's Jack Bauer face enemies in Europe, is to be penned by State of Play screenwriter Billy Ray.
Gordon added: "Kiefer and I have loved every minute of making 24, but we all believe that now is the right time to call it a day. I echo his sentiments of gratitude toward the show's amazing creative team, as well as the studio and network who have always believed in us and shown us unbelievable support."