The billionaire activist made the announcement Saturday night after a disappointing finish in the South Carolina primary. Joe Biden notched his first primary win in the state, while Democratic front-runner Bernie Sanders finished second.
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Steyer had been focusing most of his campaign's efforts on South Carolina, where a high percentage of the Democratic electorate is black. He spent more time in the state than any other candidate, always mentioning his support for reparations and equalization of what he sees as race-based injustices in education, health care and the environment.
Steyer said that at this point, "honestly, I can't see a path where I can win the presidency."
He said he got into the race because he didn't think racial injustice was being addressed in the country. He said he will continue to work to address that issue. He also thanked his supporters and pledged that he would never forget South Carolina, where he focused most of his presidential efforts.
"The people who have endorsed me have stood up in a very red state where I have seen things that have broken my heart," Steyer said.
He added: "I'm not leaving. We are already working to figuring out ways to make sure that we stay in South Carolina."
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The 62-year-old hails from California, where he started his own investment firm, Farallon Capital, but left to focus on politics, environmental advocacy and philanthropy.
In 2013, he founded NextGen America, a grassroots, "a nonprofit group that combats climate change, promotes social justice and increases participation in our democracy through voter registration and grassroots organizing."
He's made headlines for his nonprofit, "Need to Impeach," which focused on efforts to impeach President Donald Trump.
Seven candidates remain in the Democrats' quest to find the strongest possible nominee to take on Trump in November.