According to reports, the break-up was “said to be <<amicable>> and they remain <<the best of friends>>”.
Prince Harry and Cressida Bonas’ attendance at their first official engagement together in March had prompted engagement speculation.
They sat together and embraced in the stands at Wembley Arena at a We Day UK charity event.
Speculation had since mounted that Prince Harry would pop the question with his 30th birthday looming.
News of the split came as Clarence House announced Prince Harry would embark on a three-day official visit to Estonia and Italy next month.
The trip, from 16 to 19 May, will see Prince Harry meet a range of servicemen from World War Two veterans to serving military personnel.
Prince Harry, 29, and Cressida Bonas, 25, were reportedly introduced by Princess Eugenie in the summer of 2012.
It was not long after their meeting that photographs of Prince Harry partying with a group of girls in a Las Vegas hotel room were front-page news across the world.
The couple then endured a five-month separation when the prince was deployed to fly Apache helicopters with the British army in Afghanistan.
Prince Harry and Cressida Bonas’ relationship resumed when he returned and the pair were often photographed together attending various events, like the Glastonbury music festival and a society wedding.
According to the Daily Telegraph, it was unwanted media attention and engagement speculation that led to the pair’s split, while the Press Association reported the couple decided to go their separate ways to allow Cressida Bonas to focus on her career.
Cressida Bonas completed a year-long contemporary dance course at the Trinity Laban Conservatoire in Greenwich, south London, last year, before securing a marketing job in the city’s West End.
She is the daughter of Old Harrovian businessman Jeffrey Bonas and Sixties “It girl” Lady Mary-Gaye Curzon.
News of the split coincided with Prince William and Kate Middleton’s third wedding anniversary.
Prince William and Kate Middleton famously broke up for several months four years before they married in 2011.
On Tuesday, Prince Harry visited Tedworth House in Tidworth, Wiltshire, where he met 25 athletes hoping to take part in the Paralympics-style Invictus Games.
Prince Harry’s most serious previous girlfriend was Zimbabwe-born Chelsy Davy. They had an on-off relationship while Prince Harry was training in the Army and overseas, and while Chelsy Davy was at university in her home country.
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