Swofford, 71, is the longest-tenured commissioner in the 67-year history of the ACC.
"It's been a privilege to be a part of the ACC For over five decades and my respect and appreciation for those associated with the league throughout its history is immeasurable," Swofford said in a press release. "Having been an ACC student-athlete, athletic director and commissioner has been an absolute honor."
Swofford was named the league's fourth commissioner in 1997 and oversaw the conference expanding from nine to 15 members while winning 92 national team titles in 19 of the league's 27 sponsored sports.
Additions to the conference included Miami, Virginia Tech, Pittsburgh, Syracuse, Louisville, Notre Dame and Boston College.
Maryland was the only school to depart in 2012 during Swofford's tenure and he took that situation to engineer a "grant of rights" that tied the current 15 schools to the ACC in perpetuity through 2036.
Most recently, Swofford and the conference launched the ACC Network on ESPN, providing fans with live events and programming.
During his tenure, Swofford hired the league's first full-time women's basketball administrator, started the ACC Student-Athlete Advisory Committee and implemented the annual ACC Mental Health and Wellness Summit.
"John Swofford, in his historic tenure, has come to embody the very best of the ACC," Kent Syverud, Chancellor Syracuse University and Chair of the ACC Board of Directors said. "The conference has been dramatically enhanced in every way during the last quarter-century, especially in its balance of academics and athletics."
A native of North Wilkesboro, N.C., Swofford was a three-sport MVP and all-state quarterback.
Wofford attended UNC-Chapel Hill and started at quarterback his sophomore and junior year, while finishing his career as a defensive back for UNC's 1971 ACC Championship team.
Swofford was named the athletics director at UNC in 1980 where he served that position for 17 years before being named ACC commissioner.
Swofford is a member of the NACDA Hall of Fame, the North Carolina Sports Hall of Fame, the North Carolina High School Athletic Association Hall of Fame, the Chick-fil-A Bowl Hall of Fame and the Wilkes County Hall of Fame.
His successor is expected to be installed following the 2020-21 season.
"There are immediate challenges that face not only college athletics, but our entire country, and I will continue to do my very best to help guide the conference in these unprecedented times through the remainder of my tenure," Swofford said.