The decision is announced by the International Federation of Modern Pentathlon (UIPM).
"First of all, we know that this information is surprising and shocking to you," UIPM wrote according to Reuters.
"It was not long ago that we made a commitment to review and protect the riding discipline."
Modern pentathlon has been part of the Olympic Games since 1912 and in addition to horse jumping also includes fencing, swimming, shooting and cross-country running.
What replaces horse jumping as a riding moment is still unclear.
At this summer's Olympics in Tokyo, Germany's trainer Kim Raisner hit a horse that refused to jump over an obstacle and since then the discussion about horse jumping has escalated.