King cited his discomfort with the "flood of false information allowed in its political advertising" and the lack of confident in the social network to protect "users' privacy" as his reasons to log off permanently from Facebook.
The 72-year-old ironically announced his departure on Twitter to his 5.6 million followers.
Other high-profile users that quit Facebook include Star Wars actor Mark Hamill, comedian Will Ferrell, musician Cher and Apple co-founder Steve Wozniak.
King's tweet, which had been liked more than 250,000 times at the last count, added that users could continue to follow him and his dog Molly on Twitter.
Actor Jim Carrey, who left in 2018, also sold his Facebook stock, alluding to the fact that the firm had profited from Russian interference in the 2016 US election.
Facebook's decision not to change the way it fact-checked political adverts has proved controversial with many.
By contrast, Twitter announced in October that it would ban all political advertising, with founder Jack Dorsey saying that it was not possible to be working to stop the spread of information while at the same time allowing someone who had paid the platform to "say whatever they want".