Menzies, the MP for Macleod, released a statement that said touring Alberta's flooded neighbourhoods in the last few weeks led him to the conclusion that he wants to spend more time at home than in Ottawa.
"As I spent this time trying to help my neighbours and constituents, it reminded me why I put my name forward to run for election in 2004," Menzies said.
"Witnessing the effects of the floods across Southern Alberta, and the devastation of High River and other communities, I have decided that it is important for me to be here more often. What brought me to Ottawa was a love of community and the desire to help Albertans and Canadians the best way I knew possible."
Menzies is currently the minister of state for finance. He said that because he has decided not to run in 2015 he told Prime Minister Stephen Harper not to consider his name for a future cabinet position.
Menzies, who was first elected in 2004, thanked his family and supporters and said he will continue to work hard for his constituents over the next two years.
Finance Minister Jim Flaherty responded to the news by thanking Menzies for his work, first as his parliamentary secretary and then as minister of state.
"On a personal note, he was a great and trustworthy partner who I could always count on to represent the voice of everyday Canadians. His contributions will be missed," Flaherty said in a statement provided to CBC News.
Flaherty said Menzies was an effective consumer advocate and also worked hard on reforming federally regulated pensions.