The veteran boss says he is quitting his post because he will undergo knee replacement surgery in the coming weeks.
The 67-year-old took charge at Loftus Road in November 2012 but informed Chairman Tony Fernandes that he was resigning on Tuesday morning.
And QPR have announced that Les Ferdinand and Chris Ramsey have been placed in temporary charge of the team until further notice.
Redknapp has been under pressure this season and leaves with QPR second-bottom of the Premier League, having not earned a single point away from home all season.
QPR were expected to try and strengthen their squad while the transfer window was open but their only signing was Mauro Zarate from West Ham, who has been on the field for just 14 minutes since his arrival on loan at the start of January.
Redknapp said: "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.
But Jim White of Sky Sports News HQ has spoken to Redknapp and reported: "Harry has stressed to me that Queens Park Rangers' lack of dealings in the transfer window has absolutely nothing to do with this decision.
"He insists his problems are his knees. He had a knee operation not too long ago and he tells me he has been in huge discomfort since that operation.
"He stresses that, once he gets surgery done, on one or both knees, he is coming back. In Harry's words, 'there is no way I am giving up football'".
"He stresses that, once he gets surgery done, on one or both knees, he is coming back. In Harry's words, 'there is no way I am giving up football'
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