The decision by the Duke of Edinburgh comes nearly a month after he was involved in a nasty crash which saw him taken to hospital for a check-up, and left two women with injuries requiring hospital treatment.
"After careful consideration, the Duke of Edinburgh has taken the decision to voluntarily surrender his driving license", the palace said in a statement.
The January 17 crash saw the royal consort's UK-built Land Rover SUV flip over and collide with another auto, injuring its occupants. Pictures from the scene showed Prince Philip's Land Rover turned on its side.
"I was somewhat shaken after the accident, but I was greatly relieved that none of you were seriously injured", he wrote, mentioning the 28-year-old driver who suffered cuts to her knee and her 9-month-old baby in the backseat, who was uninjured.
Two days ago, Norfolk Police confirmed they were still investigating Prince Philip's crash on January 17 when his Land Rover rolled over after being hit by a Kia.
Police in the eastern part of England where the accident happened outside a royal residence said they had passed Philip's file to prosecutors to determine whether anyone should be charged.
Broken glass and vehicle parts litter the road at the site if the Duke's accident (Photo: John Stillwell/PA Wire) The force said a file on the investigation had been passed to the Crown Prosecution Service (CPS).
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The viscera examination on 11 more bodies is yet to be conducted to find out if these too were alcohol-related deaths. According to Kushinagar District Magistrate, Anil Kumar, eight deaths have been reported in Kushinagar district.
The crash sparked a debate as to whether Prince Philip should still be driving at his age.
He escaped injury, but passenger Emma Fairweather broke her wrist and called for the duke to be prosecuted if he was found to be at a fault.
But the lawyer, dubbed Mr Loophole, said the duke could avoid prosecution by surrendering his licence.
The crash did not immediately put Philip off driving.
"I wish you a speedy recovery from a very distressing experience".
He blamed the low, bright sun for obscuring his vision.
The Queen, a trained military driver during World War II, is said to have shocked Saudi Arabia's late King Abdullah - then crown prince - by climbing into the driver's seat and taking him for a ride around her estate during a visit to Britain in 1998.