ABC pulled the plug on the new drama after Thursday's little-watched episode drew even fewer viewers than the premiere a week earlier.
Staged in the form of a documentary, "My Generation" focused on a group of young people 10 years out of the high school they attended together.
There was no immediate announcement of a replacement for the series.
Its axing followed word earlier last week that Fox had dumped its new drama "Lone Star" after only two airings.
The fall prime-time season began two weeks ago.
ABC is owned by the Walt Disney Co.