Two-time major winner McIlroy, 25, and Danish former world number one Wozniacki, 23, announced their engagement on New Year's Eve.
"The problem is mine," McIlroy said. "The wedding invitations issued at the weekend made me realise that I wasn't ready for all that marriage entails."
The couple had been together for more than two years.
McIlroy is currently at Wentworth for the BMW PGA Championship, the European Tour's flagship event which starts on Thursday.
Wozniacki is set to compete in the French Open in Paris starting on 25 May.
In a statement issued through his management company, McIlroy added: "There is no right way to end a relationship that has been so important to two people.
"I wish Caroline all the happiness she deserves and thank her for the great times we have had.
"I will not be saying anything more about our relationship in any setting."
McIlroy won the US Open in 2011 and US PGA Championship the following year.
Wozniacki, who has reached the final of one grand slam tournament - the US Open in 2009 - is currently ranked 13th in the world.
When McIlroy announced their engagement, he tweeted: "I have a feeling it is going to be a great year."
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