The parents said they made the decision following the latest round of medical reports and scans on the boy who was born in August 2016.
With Charlie's mother standing by his side, Gard decried the "time wasted" by court battles and said that as a result of the delays and legal barriers, his son would not live to see his first birthday, on Aug 4.
The heartbroken mum wept as she told the High Court: "We only wanted to give him a chance of life".
Charlie's parents challenged the hospital in court, arguing that their son should be released into their custody in order to bring him to the United States for an experimental treatment.
But his parents wanted him to be given an experimental treatment by specialist Michio Hirano, a professor of neurology at Columbia University Medical Centre in NY. The judge expressed his sympathy and said that the parents did everything they could for the 11-month-old infant.
But as the hearing got under way, the family's barrister Grant Armstrong told the judge: "This case is now about time".
Mr Justice Francis has considered the latest stage of the case at public hearings in the Family Division of the High Court in London.
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Her partner, Chris Gard, said on the steps of the court: "We are going to spend our last precious moments with our son Charlie".
"The parents" worst fears have been confirmed, ' he said 'It is now too late to treat Charlie'.
Judge Nicholas Francis scheduled a two-day hearing to consider fresh evidence after Dr. Michio Hirano, an American neurology expert from Columbia Medical Center in NY, came to London to examine the child.
The parents had raised £1.3 million ($A2.1 million) to get Charlie to the U.S. for an experimental treatment they believed could have helped their child.
"The Holy Father follows with affection and commotion the situation of Charlie Gard, and expresses his own closeness to his parents", reads a statement issued by Greg Burke, the pope's spokesperson.
Charlie Gard's devastated parents have told their son they are "so sorry we could not save you".
'Despite conflicting issues, we have always had the utmost respect for all the staff who work tirelessly at Great Ormond Street Hospital and the very hard jobs they do every day.
Protesters who wanted Charlie to receive the experimental treatment rallied outside the courthouse, including some who came from as far as the United States.