A joint announcement from the football associations of England, Scotland, Wales, Northern Ireland and the Republic confirmed the decision following "an extensive feasibility study".
The committee chair of the Digital, Culture, Media and Sport (DCMS), Julian Knight, had previously derided the World Cup bid as a "giant, expensive vanity project".
The joint statement on Monday confirmed: "The feasibility study included an analysis of the economic impact, the political football landscape and likely costs of hosting major international tournaments. On balance, the five associations have decided to focus solely on an official bid to host UEFA Euro 2028, and have agreed not to bid for the 2030 FIFA World Cup.
"Hosting a UEFA Euro offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner.
"It would be an honour and a privilege to collectively host UEFA Euro 2028 and to welcome all of Europe. It would also be a wonderful opportunity to demonstrate the true impact of hosting a world-class football tournament by driving positive change and leaving a lasting legacy across our communities.
"We believe the UK and the Republic of Ireland can offer UEFA and European football something special in 2028 – a compact and unique five-way hosting collaboration that will provide a great experience for the teams and the fans."
England, which last hosted a major tournament when it staged the Euros in 1996, failed in a bid for the 2018 World Cup, which took place in Russia.
London and Glasgow were among the host cities for Euro 2020, with the semi-finals and final taking place at Wembley Stadium.