The comic announced his decision on Twitter, contending that, "I do not want to be a distraction on a night that should be celebrated by so many awesome talented artists". In the passionate Instagram video, Hart tells the world, "So I just got a call from The Academy".
He refused to apologize and chose to step down as host, he said in a post at midnight Eastern time on Twitter.
This came after tweets dated from 2009 to 2011 surfaced showed the comedian spewing blatant anti-gay rhetoric.
A video Hart posted earlier on Thursday finds him laying in bed reacting to the coverage of his homophobic tweets.
Hart said in a 2010 stand-up special that "if I can prevent my son from being gay, I will". I've said where the rights and wrongs were.
Capping a swift fallout, Hart wrote on Twitter just after midnight Friday that he was withdrawing as Oscars host because he didn't want to be a distraction. Hart has since spoken about the joke, telling Rolling Stone in 2015 that it was really about his "own insecurities" as a parent, again reiterating he's not homophobic and saying he "wouldn't tell that joke today, because when I said it, the times weren't as sensitive as they are now".
The actor and comedian's response to the outcry attracted a further backlash, as he wrote on Instagram that should critics should "stop being negative".
It's not the first time an Oscars host has been potentially derailed by anti-gay remarks.
It appears the Academy of Motion Picture Arts and Sciences may be looking for a new host for the upcoming Oscars ceremony very soon.
It's possible the Academy will consider Hart's statements sufficiently in the past and move on, but it's tough to say what will happen next.
In his later Instagram message, he complained that he had already addressed the tweets in the past and that "we feed into internet trolls and we reward them". I'm not gonna do it, man. While Hart's words are hurtful and damaging, it's safe to say that comedians cross this line quite often. If you don't believe that people change, grow, evolve as they get older. Ahead of the 2012 Academy Awards, producer Brett Ratner, who had been paired with host Eddie Murphy, resigned days after using a gay slur at a film screening.