The actor said he was “heartbroken” by the decision and would accept any consequences that emerged from his scheduled disciplinary hearing, in a statement shared with US media.
Smith, 53, won best actor for King Richard, but stormed on stage before his win after reacting to a joke made by Chris Rock which referred to his wife Jada Pinkett Smith’s shaved head.
The news comes ahead of a formal review on April 18, when the Academy board will meet to discuss what disciplinary measures will be taken.
“I have directly responded to the Academy’s disciplinary hearing notice, and I will fully accept any and all consequences for my conduct,” his statement read.
“My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable.
“The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home. I betrayed the trust of the Academy.
“I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work. I am heartbroken.
“I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film.
“So, I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the Board deems appropriate.”