Staff said they had made the "difficult decision" to call off the events amid concerns about the virus.
Although the formal event will not go ahead, the hospice is still encouraging people to take part in a virtual 10k event, by sharing photos and videos of their personal runs on social media.
Runners have also been asked to consider donating their prepaid entry fee, with the hospice pointing out that it would cost upwards of £20,000 to refund all entry fees.
Director of Income Generation at Wakefield Hospice, Helen Knowles said: “We have made the difficult decision that there will be no organised Wakefield Hospice 10K Road Race again this year. The safety of our runners, volunteers and staff are always our priority and we feel at this time it is the sensible decision for everyone involved.”
“The pandemic has hit us hard and although we’ve organised virtual events and retail has increased online sales, these do not replace the income lost through the closure of our shops during lockdown and cancelling all our live events such as the 10K, which is one of our biggest fundraisers.
"To refund all the entry fees will cost in excess of £20,000. We are so grateful to those that feel they can still donate their entry fee and take part in the virtual run if they would like to.
"All being well we hope to be able to stage a live 10K in 2022, when we can celebrate being able to run together again.”
For those still wishing to take part in the virtual event, the hospice is asking if they would consider donating the already paid registration fee to help fund one hour of nursing care for a patient.
In return the hospice will send a branded snood on completion of the 10K or a medal on completion of the 1K.
The annual fundraising event was one of the first events in the district to be called off in 2020 among rising concerns about the virus.
It was initially postponed until September, but was later cancelled altogether.
Wakefield Hospice, which celebrated its 30th anniversary last year, estimates it has lost around £80,000 a month in funding during the pandemic, as a result of cancelled events and lost retail income.
For those that prefer to have their entry fee refunded, please e-mail [email protected] before Friday, March 19, 2021.