His decision comes just a few weeks before the Democratic National Convention in Chicago and a few months before the November 5 election.
It also comes after a halting debate performance against Trump, which led to questions from Democrats about his age, ability to carry out his campaign, and whether he could serve a second term.
The president, who said he is intent on serving out the remainder of his term in office, endorsed Vice President Kamala Harris for president.
A party's presumptive presidential nominee has never stepped out of the race so close to the election.
READ | Politicians across Delaware Valley react after Biden drops out of 2024 presidential race
In light of the historic announcement, Action News traveled to the area of Biden's home in Greenville, Delaware.
There, residents gave their opinions on the controversial move. Many said he made the right decision by dropping out.
"I think it's sad that this is what it came to. I think he was a viable candidate," said Andrea Greenwood from Pike Creek. "He does what's best for the country and I will admire that."
"He should have had help from his family to help him get out of that. Realistically he had to realize from that debate alone he wasn't on the ball. It's been coming for a while," added George Walls from Wilmington.
"They should have done it sooner," noted Praveen Pinjani from Wilmington. "They knew there was no other candidate. They should have prepared a candidate. They had four years to prepare a candidate. They didn't take action."
Residents also recalled how Biden's career started back in 1970 on the New Castle County Council.
Two years after that, at 29 years old, Biden became one of the youngest Americans ever elected to the U.S. Senate, where he served for 36 years.
"He's worked very hard. He was the chairman of the judiciary committee and foreign relations committee. He's very knowledgeable in foreign relations," noted Glen DiEleuterio from Wilmington.
Biden later sought a higher seat and ran for president twice, but failed. Then, in 2008, he became the vice president of the U.S. for two terms.
In 2020, Biden accomplished his goal and was sworn in as the nation's 46th president.
As president, many in Delaware and across the nation had mixed feelings about his capabilities.
"Some highs, some lows. He came in at a tough time," said Sean Nickley from Brewerytown. "I'd say positive impressions."
"I don't think he's been a good president," countered Dana Morgan from Newark.
Biden's path on his initial campaign trails was also plagued by personal hardships. He lost his wife and daughter in a crash in 1972 and his son Beau died in 2015.
"He lived through a lot of tragedy as well and he's preserved and like I said he's been great for our state and great for the country," DiEleuterio said.
WATCH | President Joe Biden withdraws from the 2024 reelection campaign
President Joe Biden's announces he's leaving 2024 presidential race