The Democrat was elected to represent Pennsylvania's 2nd Congressional District - later redistricted as the 3rd - in 2016. The district is located within the city.
Evans, who suffered a stroke last year, said he remains in good health and is "fully capable of continuing to serve." The decision to not seek re-election came after "some discussions this weekend and thoughtful reflection," he said.
The 71-year-old Philadelphia native said in a statement that serving the people of the city has been the "honor of his life."
Evans will serve out the remainder of his team, which ends on Jan. 3, 2027.
"I am deeply proud of what I have been able to accomplish over my 45 years in elected office - from revitalizing neighborhoods block by block to fighting for justice, economic opportunity, investments in infrastructure and education," Evans said in a statement.
Evans served in the Pennsylvania House of Representatives from 1981 to 2016.