His announcement comes just before two federal byelections in Ontario and Alberta take place on Monday.
Valeriote, who is currently the Liberal caucus deputy whip, said he wants to spend more time with his children. In a statement posted on his website on Friday, he wrote:
"Representing the people of Guelph is a great privilege. Service is an honour, but family is paramount. Indeed, fatherhood is a greater honour. It is for that reason that while I will continue to represent Guelph as its Member of Parliament until the next election is called, I will not be seeking re-election."
Valeriote says that when he separated from wife Catherine in 2013, they vowed to put the needs of their two children, Dominic and Olivia, first.
Earlier this year, Valeriote was among the MPs on Parliament Hill in caucus meetings when gunman Michael Zehaf-Bibeau shot Cpl. Nathan Cirillo and stormed Centre Block.
Valeriote was first elected in 2008, winning the seat over Conservative candidate and outgoing Guelph city councillor Gloria Kovachs by 1,788 votes. He was then re-elected in the 2011 federal election.
Valeriote did not specify what he planned to do after the next federal election, but says he is looking for "new outlets for being of service to the people of Guelph." Before he entered politics, Valeriote co-founded the law firm Smith Valeriote LLP, and was a senior partner
Currently, he's the Liberal critic for veterans sffairs, and is the vice chair of the standing committee on veterans affairs.