The summer series of the ITV2 dating show, which would have seen young single people couple up in a villa in Majorca, usually airs in the UK in June.
Kevin Lygo, director of television at ITV, said: "We have tried every which way to make Love Island this summer, but logistically it's just not possible to produce it in a way that safeguards the well-being of everyone involved - and that for us is the priority.
"In normal circumstances, we would be preparing very soon to travel out to the location in Majorca to get the villa ready, but clearly that's now out of the question.
"We are very sorry for fans of the show, but making it safely is our prime concern and Love Island will be back stronger than ever in 2021."
Laura Whitmore, who hosted the winter series of Love Island, tweeted: "Like with a lot of things because of restrictions with travel, social distancing and unable to plan ahead, Love Island is postponed until 2021.
"Great news is that there have been more applications then any other series! Next year is going to be big. Stay safe".
Last week, Lygo said he would feel "uneasy" about airing the show, which sees singletons holed up in a villa together, while the rest of the nation is being told to socially distance.
Speaking during a controller session held online for the Edinburgh TV Festival, he added that producers had looked into the possibility of filming the show "in Cornwall somewhere", but added that they had ruled it out as it would not "be the same show".
"And we don't want to not make the same show as we have made, because it's been so successful," he said.
The show has been a huge hit for ITV2 and the first winter series, filmed in South Africa, aired earlier this year.
The series was won by Paige Turley and Finley Tapp.
However, it was overshadowed when former host Caroline Flack took her own life on February 15 at the age of 40.
Episodes of the programme were pulled from the TV schedule following her death, but the series later resumed.
A summer series of Love Island was last broadcast in 2019 and was won by Amber Gill and Greg O'Shea, who are no longer dating.
Dr Alex George, a contestant during the 2018 series, was among the former Islanders reacting to news of the postponement.
He commented on the announcement made on the official Love Island Instagram account, writing: "This is a shame but ultimately the right and safe decision for all involved."