King Juan Carlos of Spain, who is 76, has ruled since 1975, taking over after the death of dictator Francisco Franco.
The king’s son, Crown Prince Felipe, 45, will take over the throne.
For much of his reign, King Juan Carlos was seen as one of the world’s most popular monarchs, but recently many Spaniards have lost confidence in him.
His reputation has been tarnished by a long-running corruption investigation into his daughter and her husband.
Support for the king fell further when it was discovered he had been on a lavish elephant hunting trip to Botswana in the middle of Spain’s financial crisis.
Mariano Rajoy said the king was stepping down for personal reasons. His health is failing and he has had a number of hip operations in recent years.
The prime minister said King Juan Carlos had been a “tireless defender of our interests”.
“I’m convinced this is the best moment for change,” he added.
Mariano Rajoy said ministers would hold a special meeting on the issue.
wEaExSiBSeYPresident Joe Biden has urged pro-Palestinian protesters on university campuses to uphold the rule of…
Blue Ivy Carter has joined the voice cast of The Lion King prequel Mufasa: The…
At least five people, including a four-month-old baby, have been killed after dozens of tornadoes…
Harvey Weinstein has been hospitalized just days after his 2020 rape conviction in New York…
Hamas has published a video showing the first proof of life of US and Israeli…
Prosecutors and Donald Trump’s attorneys delivered opening statements and the first witness was called on…