The 67-year-old requires immediate treatment on his knee and believes that by not being able to be on the training ground on a daily basis, someone else should take over the job.
Redknapp leaves Rangers with the club second-bottom of the Championship and without a single point away from home this season.
Les Ferdinand and Chris Ramsey will take charge of QPR on a caretaker basis and will remain in charge until further notice. Kevin Bond and Glenn Hoddle are always involved at the club.
On his departure, Redknapp has thanked the club's staff and the supporters for their support.
He told the club's official website: “I have had such a fantastic time at QPR. I would like to thank the board, the players and all my staff, and especially the supporters who have been absolutely fantastic to me since I arrived at the club for their tremendous support.
“Sadly I need immediate surgery on my knee which is going to stop me from doing my job in the coming weeks. It means I won’t be able to be out on the training pitch every day, and if I can’t give 100 per cent I feel it’s better for someone else to take over the reins.
“My relationship with Tony Fernandes has been one of the highlights of my footballing career and I wish the club every success. I am confident they will survive in the Premier League this year.”
QPR chairman Tony Fernandes has thanked Redknapp for his time at Loftus Road.
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