"I understand the organization must evolve and the time has come for other, possibly younger, people to take the helm of the organization," Poviliūnas said in a press release.
"A faster pace of life, modern challenges, and not the least – pressure encountered by the organization require that the new head of the organization is a person who does no lack enthusiasm, energy, and optimism," he said.
The National Olympic Committee is scheduled to pick a new president on 12 October.
So far, two candidates have applied for the post: shooter Daina Gudzinevičiūtė and discus thrower Virgilijus Alekna, both Olympic champions.
Poviliūnas has headed Lithuania's National Olympic Committee ever since the country restored independence in 1990, he was re-elected in 1992, 1996, 2000, 2004 and 2008.