Wanderfly works like a travel social network and allows users to search for and share personal travel recommendations.
The announcement was made through an email to the site's subscribers, which said that Wanderfly will be taken down "in about a week." All content, accounts and profiles will be removed and no longer available.
"A few years ago, we created Wanderfly to make the online travel experience more personal, fun and beautiful. From a dinner conversation idea, to a dozen employees crammed in a Soho/Brooklyn loft, to being honored as a top 10 startup, it has been a crazy few years," the team said.
"In 2012, TripAdvisor acquired Wanderfly so that millions of travellers around the world could find the same travel inspiration and recommendations that Wanderfly fans already enjoyed. We're so proud to say that what started as a spontaneous "why not?" idea is now part of the world's largest travel website."
The email added that it is hoped that users will still find and share travel recommendations with TripAdvisor. It is unclear what will now happen to the team behind Wanderfly.
Wanderfly was bought by TripAdvisor in October last year for an undisclosed sum in an apparent effort to boost the site's social credentials. It was the first acquisition made by TripAdvisor, but since the company has bought Tiny Post, JetSetter and GateGuru.