Trooping the Colour will "not go ahead in its traditional form" for the second year in a row, Buckingham Palace has announced.
The palace said options for "an alternative parade, in the quadrangle at Windsor Castle" are being considered.
The annual national celebration is the Queen's official birthday parade and is usually held in central London in June.
It normally involves more than 1,000 soldiers, 200 horses and 400 musicians.
Thousands of members of the public usually gather to watch the military parade from Buckingham Palace, down The Mall to Horse Guards Parade.
It famously features a gathering of the Royal Family on Buckingham Palace's balcony to acknowledge the crowds in The Mall.
The last traditional Trooping the Colour took place in 2019.
Buckingham Palace said in a statement: "Following consultation with Government and other relevant parties it has been agreed that the Queen's official birthday parade, also known as Trooping the Colour, will not go ahead this year in its traditional form in central London.
"Options for an alternative parade, in the quadrangle at Windsor Castle, are being considered.
"The annual Garter service, usually held in June, will not take place this year."
Last year, the Welsh Guards led the Queen's official birthday celebrations with a brief ceremony at Windsor Castle in place of Trooping the Colour.
The Government's 'roadmap out of lockdown' will see the lifting of the final remaining restrictions in England on 21 June, but this will be dependent on levels of infection, the vaccine rollout, concerns about new variants of the virus and pressure on the NHS at that time.
Cover image: The Band of The Grenadier Guards marching down The Mall at the start of The Queen's Official Birthday Parade in 2019 (Picture: MOD).