The MP for Horsham in West Sussex said it was "time to make way for a younger candidate".
Mr Maude held ministerial positions in the cabinets of Margaret Thatcher and John Major as well as David Cameron.
He won his seat in the 2010 general election, defeating the Liberal Democrats, with a majority of 11,460.
In a letter to the Horsham Conservative Association, he said: "I was first elected to the House of Commons in 1983 just before I was 30, and will be nearly 67 by the time of the election in 2020.
"However, 27 years is a long time to serve as a member of parliament, and I believe now is the right time to make way for a younger candidate to carry the Conservative flag in Horsham."
Mr Maude was elected to the House of Commons in 1983 as MP for North Warwickshire, where he served until 1992.
After five years out of office he returned as MP for Horsham in 1997, which he has represented since.

Jiang Jiemin was removed from office due to "suspected serious disciplinary violations", state-run news agency Xinhua said, citing authorities.
The term is commonly used to refer to corruption. Mr Jiang has not commented publicly on the allegations.
Chinese authorities announced they were investigating Mr Jiang on Sunday.
Mr Jiang was head of the State-owned Assets Supervision and Administration Commission (Sasac).
Formerly, he headed the China National Petroleum Corporation (CNPC). Four CNPC executives are also under investigation for corruption.
Mr Jiang is the first member of the current 205-strong Communist Party Central Committee to face such charges and state media is presenting it as proof of the new leadership's resolve to clean up public life, the BBC's John Sudworth in Shanghai reports.
However some observers suggest that, whether guilty of corruption or not, there may be a political edge to Jiang Jiemin's downfall, as vested interests in state-owned industries have long been seen as opposed to economic reform, our correspondent adds.
Chinese President Xi Jinping has described fighting corruption as a priority, warning that "bribe-taking by some party members and cadres" poses "severe challenges" to the Communist Party's rule.
Several high-profile officials have been felled in recent months.
In July, former Railways Minister Liu Zhijun was given a suspended death sentence for corruption and abuse of power.
Liu Tienan, formerly deputy head of the National Development and Reform Commission, was sacked in August and is the subject of an investigation, state media say.

Adam Szurgocinski, 26, died after being found at Jubilee Road on 14 September.
Rafal Palinski, 29; Pawel Wegorzewski, 20, and Jaroslaw Owczarczyk, 32, have been charged with murder and conspiracy to commit grievous bodily harm.
Dariusz Bogusz, 32, has been charged with perverting the course of justice. Two others have previously been charged with murder and remanded in custody.
Mr Palinski, of Fenland Road, Thorne, Mr Wegorzewski, of Jubilee Road Mr Owczarczyk of Raby Road and Mr Bogusz of Jubilee Road are expected to appear in court later.
Sebastian Gurski, 30, of Ramsden Road, Hexthorpe, and Mateusz Halabura, 25, from Doncaster, were both remanded in custody.
Cabinet Office minister Francis Maude has announced he is to stand down at the next election, 32 years after entering parliament.
[NEXT_CONCEPT]
China has sacked a top official responsible for overseeing state-owned companies amid a corruption probe, Chinese media say.
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Three men have been charged with the murder of a man who died from a serious neck injury in Doncaster.