Trooping the Colour will "not go ahead in its traditional form" and a number options are being considered, Buckingham Palace has announced.
The event is the annual national celebration of the Queen's official birthday and is traditionally staged during June.
It famously features a gathering of the royal family on Buckingham Palace's balcony to acknowledge the crowds in The Mall.
Trooping also attracts thousands of spectators - friends and family of the soldiers taking part in the military spectacle - who fill stands around Horse Guards Parade in Whitehall where the event is staged.
Buckingham Palace said in a statement: "In line with Government advice, it has been agreed that the Queen's Birthday Parade, also known as Trooping the Colour, will not go ahead in its traditional form.
"A number of other options are being considered, in line with relevant guidance."
Buckingham Palace has said the Queen "remains in good health".