The gathering, a traditional Highland games event which is attended annually by The Queen and takes place near the royals' summer residence Balmoral, was due to take place on September 4.
The next event will be held on September 3, 2022.
A spokesman for The Braemar Gathering and Highland Games said: “In line with the vast majority of Highland Games planned in Scotland this year, the organisers of the Braemar Gathering feel the decision to cancel is the best one in the interests and safety of the local community, competitors, spectators and officials, many of whom travel from around the world to the annual Gathering in Braemar.
“While vaccination programmes are having a huge positive impact on the Covid-19 virus, there is still concern over restrictions that may be imposed on major events.
“Unfortunately, considerable event planning decisions and actions have to be taken months ahead of the gathering while such restrictions are still unknowns.”
David Geddes, president of the Braemar Royal Highland Society, added: “This has been an extremely difficult decision to make.
“To cancel a gathering is something which I had hoped I would never have to do in my time as president.
“Now, to cancel for a second year, is heartbreaking.
“However, there is still uncertainty surrounding the spread of the virus and we must put the well-being of our community, visitors and volunteers first.
“We know the gathering is a highlight in many people’s year and an event which many make plans for well in advance.
“We share everyone’s disappointment and offer our hope and thoughts that you stay well and keep safe as the pandemic moves into what we hope is the final phase.
“As I said last year, like the hills around Braemar, the gathering will be here next year, and we look forward to happier times and to welcoming you back to Braemar on September 3, 2022.”
The Braemar Junior Highland Games, which were scheduled for July 24, have also been cancelled.