A number of other MPs and ministers will go at the same time.
Clark has been a highly visible and widely criticised minister by the finance community through his stewardship of the deeply unpopular Credit Contracts and Consumer Finance Act (CCCFA).
Although he inherited it from his predecessor Kris Faafoi, a lot of the work to push it through was done under his watch, against constant criticism from the industry.
Announcing Clark's departure, Jacinda Ardern said Clark and the other departing politicians had made important contributions to the government and the lives of New Zealanders.
"These decisions come in the midst of Labour's selection process for seats in the 2023 elections. MPs have made these decisions in good time to allow succession planning for both Cabinet and caucus.”
A Cabinet reshuffle is planned for early next year.
Ardern said Clark had led the Government's work on supermarket reform.
She also defended his role over the CCCFA, saying he had demonstrated a focus on protecting the most vulnerable through consumer finance reform.
Clark entered Parliament in 2011 and his departure was foreshadowed last week.
He said now was the right time to go – he had loved his job but after a decade it was time to put his family first.
