The cable network said in a posting on its website Friday it is "time to say goodbye."
"We are honored to have worked with executive producer Dean Devlin, Electric Entertainment, creators John Rogers and Chris Downey, and all the cast and production crew on 'Leverage,'" the statement said.
"We look forward to exploring new opportunities to work with them again in the future. We also want to thank the passionately devoted fans of 'Leverage,' who have been the driving force behind its success."
TVGuide.com said the decision not to renew the show for a sixth season came after the series saw its ratings drop significantly this season.