The 28-year-old Austrian announced his decision on social media, citing a lack of preparation.
Thiem hasn’t played professionally since the Mallorca Open in June, with a wrist injury derailing his 2021 campaign.
“I will not play this year at the Australian Open in Melbourne, a city that I love and where I have great memories of unforgettable matches,” Thiem wrote.
“I will miss the Australian fans but I will be back in 2023.
“We believe this is the right decision in order to have a good return to competition.”
Thiem revealed he would begin his 2022 season at the Cordoba Open in Argentina in late January.
“I am now feeling well again, my wrist is in optimal condition and I am practicing normally and with very good intensity,” Thiem wrote.
The world No.15 had been planning to return to professional tennis at the ATP Cup in Sydney in January, but he caught a cold on a training camp in Dubai.
The cold forced him to return to Austria, before his team reassessed his comeback.
Thiem lost to Novak Djokovic in five sets in the 2020 final.
Later that year he won the US Open, downing Alexander Zverev in five sets.
For a daily dose of the best of the breaking news and exclusive content from Wide World of Sports, subscribe to our newsletter by clicking here!