The 31-year-old left-hander, who succeeded Brian Lara as skipper, led the side to just one win in 14 tests and two victories in 16 One-day internationals.
''I would like to take this opportunity to tender my resignation as captain with immediate effect,'' Chanderpaul wrote in a letter to the WICB.
''This would give me an opportunity to focus on my batting and other areas of my cricket where I would be able to make a more significant contribution to the team.
''I have served my time as the captain and would like to pass the mantle on to another person. I would fully support my replacement, and work towards the good of the team.
''I would like to thank all who worked with me during my tenure as captain, and I am looking forward to continuing my hard work for West Indies cricket.'' Chanderpaul has played 94 tests and 183 One-day internationals since making his West Indies debut in 1994.
Vice-captain Ramnaresh Sarwan is favourite to lead the side in home series against Zimbabwe and India starting later this month.