The 36-year-old TV personality took to Twitter on Wednesday to announce the news.
"The time has come, sadly, for me to move on from Catfish," the co-host began. "Working on this show for the last seven years has been one of the most meaningful experiences of my life. I've learned a lot about myself, my country and human nature in general. [Co-host] Nev [Schulman] and I have become brothers and our bromance has blossomed before your eyes."
Joseph went on to cite a busy schedule as the reason for his departure.
"For a while now I have been straddling two careers as TV host and filmmaker and, while this level of busy-ness is a dream come true, my life can no longer sustain it," he wrote. "With Catfish still going strong after 7 seasons, 115 episodes, 31 specials and showing no sign of slowing down, I feel it is finally the time for me to make my exit."
The filmmaker concluded his note with a message of gratitude to all who've supported him, before announcing that his final episode will air on Aug. 22.
"Although I have a heavy heart, I am also excited for everything that's to come -- for myself, for Nev, for our crew and for the show," Joseph wrote. "Thanks for watching, thank you for the love, for the memories and the memes. It really was a f*cking blast and I am eternally grateful for every second of it."
33-year-old Schulman took to Twitter as well with a sweet statement of his own.
"Well my grey-haired friend, MJ Snores, Mr. won't touch a hotel blanket to his bare skin, it looks like you've ridden your last Holiday Inn Express elliptical for awhile," Schulman quipped. "I'm gonna miss you. Working with Max on Catfish has been a blast. What started as a casual friendship quickly turned into a brotherhood."
He continued, "Over the last six years I've learned as much about the internet and society as I have about myself, Max being there and helping me through every step of the way. In that sense, Max isn't just a co-host, he's a partner, therapist and brother. His ability to listen, empathize and advise is astounding and has made me a better man. Nobody cuts through the noise and dishes the hard truth better than he does."
Though the dad of one -- he shares 1-year-old daughter Cleo with wife Laura Perlongo -- admitted that he's going to miss his "best friend," Schulman noted that he can't wait to see what Joseph does next.
"I'm going to miss him a lot. He's my best friend. Period. And of course one of the best colleagues anyone could hope for. As sad as I am that Max is leaving the show, it brings me great joy to know that he is following his heart," Schulman wrote. "While selfishly I'd love to keep him all to myself, the world needs more passionate, creative people and we'll all benefit from his work to come."
Schulman finished his note by wishing Joseph luck and insisting that he keep in touch. "Good luck my friend...and no excuses for not facetiming in from time to time," he wrote. "I know your front-facing camera works. Love you brother."
Apparently some people took Schulman's tweet the wrong way, because he followed up less than an hour later with a second message. "FYI max is not dead. He's just leaving the show. Sorry," Schulman assured.
FYI max is not dead. He's just leaving the show. Sorry