IOC spokesman Mark Adams said: "This is a process of renewing and renovating the program for the Olympics. In the view of the executive board, this was the best program for the Olympic Games in 2020. It's not a case of what's wrong with wrestling, it is what's right with the (other) 25 core sports."
It will now compete with seven other sports for inclusion in the 2020 Games.
The professional wrestling world is upset, as several wrestlers commented on Twitter. This includes Jim Ross, who called the decision "ignorant."
Kurt Angle, a 1996 Olympic Gold Medalist, tweeted: "I'm Shocked. Will Do an Exclusive Interview Later today. Wrestling Will Stay in Olympics."