The company writes that it will allow nude photos, but ban content that is "explicitly sexual", writes Onlyfans in a statement.
The changes will take effect on October 1 this year.
The company hopes to be able to make the platform more "mainstream" and retain users who pay to see content from, for example, yoga teachers and chefs.
Onlyfans has 130 million users and 2 million creators, and grew larger than ever during the pandemic.
It is payment companies like Visa and Mastercard that have pressured Onlyfans to stop porn.
"The changes have been made to follow requirements from our banking partners and payment companies," writes a spokesperson for Onlyfans in an email to SVT.
Reviewed by the BBC
In December last year, the companies temporarily banned payments to sites owned by the porn company Mindgeek after reports that sex films recorded without consent and for revenge were uploaded, writes The Guardian.
Onlyfan's decision comes in connection with the platform being reviewed by the British BBC.
According to the television company, the statement about the porn ban came shortly after the BBC sought a comment from Onlyfans about troublesome information.
Advertising for prostitution
Leaked documents that the BBC has read show that the platform's moderators can give the majority of warnings to accounts that upload illegal content before they are shut down.
In May, a review showed that minors posted content on the site.
Moderators state, among other things, that they have found ads for prostitution and the BBC has seen a video where a man pays the homeless for sex.
Those clips have since been removed.
In its statement, Onlyfans writes that all creators are verified before they can upload anything and that all content is controlled by both automated systems and human moderators.