The Oklahoma City Thunder star cited tiredness, and his withdrawal is yet another blow to the USA.
Paul George, Kevin Love and Blake Griffin are among others to have withdrawn, with Durant's absence the latest blow on Thursday.
"This was an extremely difficult decision as I take great pride in representing our country," Durant said in a statement.
"I know that I owe it to my USA Basketball team-mates to be totally invested in the experience.
"After going through training camp with USAB, I realised I could not fulfil my responsibilities to the team from both a time and energy standpoint.
"I need to take a step back and take some time away, both mentally and physically in order to prepare for the upcoming NBA season.
"I will be rooting for USAB and look forward to future opportunities with them."
Durant won gold with the US at the 2012 London Olympics and at the 2010 FIBA World Championship, when he was named MVP.
The USA face Dominican Republic, Turkey, Finland, New Zealand and Ukraine in Group C at the World Cup, which they are favourites to win.