Taking to Twitter, Hart said he has stepped down as he does not want to become a "distraction" at the ceremony. He also apologised to the LGBTQ community for his past "insensitive words".
"I have made the choice to step down from hosting this year's Oscar's....this is because I do not want to be a distraction on a night that should be celebrated by so many amazing talented artists. I sincerely apologize to the LGBTQ community for my insensitive words from my past," the actor wrote.
"I'm sorry that I hurt people.. I am evolving and want to continue to do so. My goal is to bring people together not tear us apart. Much love and appreciation to the Academy. I hope we can meet again," he added.
After the backlash, the actor had posted a video on Instagram, saying he is in great mature place where all I do is spread positivity.
"Guys, I'm almost 40 years old. If you don't believe that people change, grow, evolve as people get older, I don't know what to tell you," Hart said in the video.
"If you want to hold people in a position where they always have to justify their past, then do you. I'm the wrong guy, man. I'm in a great place, a great mature place, where all I do is spread positivity," he added.
In the same post, the actor said he is fine if people want to "search my history or past and anger yourselves with what you find".
"I'm almost 40 years old and I'm in love with the man I am becoming. You LIVE and YOU LEARN & YOU GROW & YOU MATURE. I live to Love... Please take your negative energy and put it into something constructive.
"Please... What's understood should never have to be said. I LOVE EVERYBODY... ONCE AGAIN EVERYBODY. If you choose to not believe me then that's on you... Have a beautiful day," the actor said.
The Academy of Motion Picture Arts and Sciences, which runs the Academy Awards, has not yet responded on the controversy. It is yet to announce Hart's replacement.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)