ABC described the move as an evolution, and it simultaneously announced two new lifestyle shows, "The Chew" and "The Revolution."
The cancellations add to the huge change coming to ABC-owned and -operated stations, with Oprah Winfrey's long-running syndicated series set to sign off May 25.
"While we are excited about our new shows and the shift in our business, I can't help but recognize how bittersweet the change is," said Brian Frons, the president of daytime for Disney ABC/Television Group. "We are taking this bold step to expand our business because viewers are looking for different types of programming these days."
Also on TheWrap: 'As the World Turns' tapes final episode
The network promised in a news release to "conclude each series in a manner that respects their legacies and the longstanding hopes of many of their viewers."
Both "All My Children" and "One Life to Live" were created more than four decades ago by Agnes Nixon.
"All My Children," set in fictional Pine Valley, a town that closely resembles the Philadelphia Main Line, premiered on ABC on Jan. 5, 1970, as a half-hour show; seven years later it expanded to an hour. Star Susan Lucci was nominated for a Daytime Emmy 18 times before finally winning for Outstanding Lead Actress in 1999.
"One Life to Live," set in the fictional town of Llanview, which is modeled on a Philadelphia suburb, debuted July 15, 1968, as a half-hour show and became an hourlong in 1978.
"All My Children" won the Emmy Award for Outstanding Drama Series in 1992, 1994 and 1998. It has received more than 30 Emmy Awards in all, and has taken on such social issues as AIDS, abortion, cochlear implants, teenage alcoholism, racial bias, acquaintance rape, spousal abuse, homosexuality, Reyes syndrome, Vietnam MIAs and more. The show aired daytime's first same-sex kiss between two lesbian characters, as well as its first same-sex wedding between two women.
"One Life to Live" won the Daytime Emmy for Outstanding Drama Series in 2002. Its daytime firsts include stories of interracial romance, illiteracy, medical misdiagnosis, racial prejudice, gang violence and teen pregnancy.
Among its most celebrated story lines was one in 1992 about a gay teen (the then-unknown Ryan Phillippe) that culminated with the display of the Names Project AIDS Memorial Quilt. The Gay and Lesbian Alliance Against Defamation named it Outstanding Daytime Drama in 1993, 2005 and 2010.
"The Chew," which will premiere in September 2011, focuses on food as a source of joy, health, family ritual, friendship, breaking news, dating, fitness, weight loss and travel. The hosts include Mario Batali (Food Network's "Iron Chef America"), entertaining expert Clinton Kelly (TLC's "What Not to Wear"), Carla Hall (Bravo's "Top Chef"); Michael Symon ("Iron Chef America") and nutrition expert Daphne Oz.
"The Revolution," a working title, will premiere in January 2012. The show, from "Biggest Loser" producers JD Roth and 3 Ball Productions, focuses on health and lifestyle transformations. The hosts include Tim Gunn ("Project Runway"), trainer Harley Pasternak and "American Idol" alumna Kimberley Locke.