LBA made the decision following excessive delays.
With large investment in the scheme so far, airport bosses say they are "not prepared to commit a further uncapped sum over an indefinite timeframe into a public inquiry process when their focus needs to be on modernizing the airport for the future".
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Vincent Hodder, CEO of Leeds Bradford Airport, added: "It is with regret that we have made the decision to withdraw LBA's application for the development of a new replacement terminal.
"As the travel and aviation industry continues to recover from the impacts of the pandemic, LBA needs to be able to respond to rapidly increasing demand within the next few years.
"I would like to thank everyone who has supported us in the planning process, from the general public to the business community and councils across Yorkshire. While this is a setback for our airport and region, we remain committed to investing in LBA to be an outstanding, decarbonized, modern airport for the future.
"My team and I are optimistic about the recovery from the pandemic and about the future of Leeds Bradford Airport."
