The portable music player kicked off Apple's transformation from a computer company to a consumer electronics giant. The iPod shuffle and iPod nano were both launched in 2005 and haven't seen an update in years.
The iPod touch will remain, with doubled storage capacity.
iPods started to sell like hot cakes, Apple spawned a lower-cost iPod Mini using solid state storage, the Shuffle for the even more cost-conscious and/or joggers, and the Touch to tap into its burgeoning App Store.
The iPod touch - the last iPod standing - will come in two options: a 32GB version ($199) and a 128GB option ($299).
Sixteen years ago, then-CEO Steve Jobs, only a few years back on the job after being exiled throughout the 1990s from the company he co-founded, took the stage at a press event to unveil the iPod. Since the Nano and the Shuffle have been discontinued, there will now be only two models.
The lone remaining portable media player that the Mac maker promotes - the iPod Touch - is now available at more affordable price points, granting only two storage options are offered instead of the previous four. Apple knew the iPod's days were limited once it released its first-gen smartphone in 2007. However, like the original iPod, it also didn't run on iOS, the operating system that would eventually power Apple's iPhone. However, by dropping the iPod Nano and iPod Shuffle, the company can focus more resources on the iPhone and new products like the HomePod.
But that 2005 holiday season, led by the nano, was the iPod's breakout quarter, passing 10 million quarterly unit sales and $5 billion in quarterly iPod revenue for the first time.
Of the iPod lineup, only the Touch - the progenitor for the iPhone - remains alive.
By the last quarter of 2014, iPod sales accounted for about one percent of Apple's total revenue, with iPhone sales making up more than 50 percent of revenue. It was marketed as the "most wearable iPod ever", featuring a built-in belt clip.