Vonn, 30, used her Facebook page to announce the split before Woods confirmed it on his website.
"After nearly three years together, Tiger and I have mutually decided to end our relationship," Vonn said.
"I will always cherish the memories that we've created together. Unfortunately, we both lead incredibly hectic lives that force us to spend a majority of our time apart."
"I will always admire and respect Tiger. He and his beautiful family will always hold a special place in my heart."
Woods, 39, confirming the breakup, said, "I have great admiration, respect and love for Lindsey and I'll always cherish our time together. She has been amazing with (daughter) Sam and (son) Charlie and my entire family."
"Unfortunately, we lead very hectic lives and are both competing in demanding sports. It's difficult to spend time together."
Woods, a four-times Masters tournament champion, and Vonn, a four-time World Cup ski champion and Olympic gold medalist, announced in 2013 that they were a couple and were routinely seen as spectators at each other's sporting events.
Both went through long recoveries from injuries that prevented them from competing in their respective sports.
Woods played at this year's Masters and is due to compete at the Players Championship this month in Florida.
Vonn returned from knee surgery to break the record for most World Cup ski championship wins by a woman.
Woods, 39, has been single since a 2010 divorce from former Swedish model Elin Nordegren, which occurred less than a year after the golfer became embroiled in an infidelity scandal that rocked the sports world.
More than a dozen women said they had affairs with Woods, and the golfer admitted to "transgressions."
Companies including Accenture Plc, AT&T and PepsiCo's Gatorade ended their sponsorship deals with Woods in the wake of the scandal.
(Editing by Jeffrey Benkoe and Paul Simao)
