Biggin Hill Airport has withdrawn its proposals to allow scheduled passenger services.
The airport said that most airlines wanted to operate from airports where they already had operational bases.
In a statement, the airport said there was still space for airlines to grow at London's mainline airports if capacity was used wisely.
Biggin Hill said it would, instead, continue to concentrate on the executive air travel business.
Jenny Munro, the airport's managing director, said: "We are in favour of air taxi services which would, by definition, be very small aircraft which would allow passengers to pay for their seats, rather than the whole aircraft."
She said that air taxi services would allow the booking of empty seats on private flights and was already available in the USA.
"Scheduled commercial aviation is not what we do. It brings us totally into line with what people locally are looking for from Biggin Hill."
In August, Bromley Council, the airport's owner, rejected plans to extend the opening hours of Biggin Hill for the London Olympics.
A public consultation received 1,741 responses, of which 1,046 were against the increased operating hours.