The decision has been made after sponsors recently stepped up pressure to scrap a name long criticised as racist by Native American rights groups.
"On July 3, we announced the commencement of a thorough review of the team's name," the team said in a statement.
"Today we are announcing we will be retiring the Redskins name and logo upon completion of this review."
American Football
Trailblazers - Colin Kaepernick: Taking the knee to demand social justice
A DAY AGO
Team owner Dan Snyder had previously said he would not change the name under any circumstances but softened his stance after FedEx Corp, which owns the naming rights to the team's Landover, Maryland, stadium, urged the NFL club to rebrand.
NFL
Brady leads Buccaneers to Super Bowl win on home field
08/02/2021 AT 06:13
NFL
Mahomes-led Chiefs to face Brady's Buccaneers at Super Bowl LV
25/01/2021 AT 08:34