McGowan announced his resignation after calling a snap press conference in Perth, and reading out a "brief statement" to reporters.
This will be his last week in office.
"Today I am announcing that I will be stepping down as Premier and member for Rockingham," McGowan read.
"I was elected premier of Western Australia in March 2017, more than six years ago. Prior to that I served as Opposition Leader for more than six years.
"Now is the right time to step away from the job I love."
McGowan said he is stepping down partly as he is convinced Labor will win the next state election.
"I'm tired, extremely tired. In fact, I'm exhausted," he said.
"The role of political leadership does not stop, it is relentless, with huge responsibility but it is all consuming, each and every day. And combined with the COVID-19 years, it has taken it out of me.
"I'm convinced WA Labor can win and will win the next election in 2025. But I just don't have the energy or drive that is required to continue in the role as Premier."
He revealed he has been considering stepping down for a while, and will take a break after he finishes.
"It is not a decision I have taken lightly, I've been considering it for quite a while," he said.
"I will leave Parliament and leave the role by the end of this week. It will be up to my colleagues to select my replacement.
"I don't want to finish work completely. Once I am rested and recuperated, I will look for something else to do."
The politician thanked his wife Sarah and three children - Samuel, Alexander and Amelia - for their support over the years.
"Thank you for every thing over so many hard years."
McGowan added he is a "phone call away" should his successor ever need someone to ask for advice.
Prime Minister Anthony Albanese said he spoke to McGowan earlier today to congratulate him on his retirement, commending the work he has done for his state.
"Mark leaves office as he led, on his own terms and as his own man. He has been a great Premier of his proud state, an extraordinary leader for WA Labor and a trusted friend," Albanese said.
"Above all, Mark will be remembered for seeing the people of Western Australian safely through one of the most challenging crises in our nation's history. In unprecedented times, Mark always held to his convictions and always sought to do the right thing by his state.
"I wish Mark, Sarah and their family all the very best for the next chapter of their lives."
The Labor leader secured a second term after a historic state election victory in 2021, gaining 23 more seats than required to govern as a majority government.
He also was in charge during the COVID-19 pandemic, ensuring a hardline border approach which saw the state closed down for nearly two years.
Rise to power and bravery award
McGowan grew up in regional NSW with his younger brother and parents, who ran small businesses.
He moved to WA with the Royal Australian Navy in 1991, becoming a lieutenant and serving as an legal officer at HMAS Stirling until mid-1996.
He was awarded the Governor General's Commendation for Bravery in 1997 after he rescued an unconscious driver from a burning car two years earlier. McGowan was the deputy mayor of Rockingham before being elected to state parliament in December 1996.
He was parliamentary secretary to Premier Geoff Gallop from 2001 to 2005 and held several shadow portfolios.
In government, McGowan held portfolios including environment, education and training, racing and gaming, and tourism.
McGowan met his wife Sarah at the 1993 federal election when she was working part-time for the Electoral Commission. They married in 1996 and they have three children, Samuel, Alexander and Amelia.
Border lockdowns
During the pandemic, McGowan's hardline approach to the deadly virus saw Western Australia dubbed names like the "Fortress WA" and the "Hermit State".
McGowan locked WA's borders for 697 days, almost two years, eventually reopening in March last year when 99 per cent of the population above the age of 12 had been double-dosed.
For some, McGowan's staunch lockdown was bliss. WA suffered relatively few cases and deaths, while other states - particularly New South Wales, Victoria and Queensland - suffered heavily.
For others in WA, their businesses and the tourism sector was pushed to the brink.
As backlash mounted, McGowan said he and his family were subjected to violent threats.
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2023-05-29 10:52:45Z
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