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Mark's had it with Olympic dilly-dallying
Tewksbury has been critical of the IOC since revelations of the bribery-for-votes scandal came to light. He has called for IOC president Juan Antonio Samaranch to step down.
Tewksbury said a decision by the IOC athletes' commission to support Samaranch was the last straw.
"This is one of the saddest days of my life," said Tewksbury, who won gold in the 100-metre backstroke at Barcelona in 1992.
"The athlete's commission had a great opportunity to speak out on behalf of athletes from all over the world. Instead ... the IOC athletes' commission bowed to internal pressure and, like everybody else within the organization, toed the party line."
The 30-year-old from Calgary is also resigning as the honourary secretary of the athletes' commission of FINA, the world governing body for swimming.
Tewksbury, who also won silver and bronze relay medals, said the IOC's inability to develop a firm anti-doping policy proved the committee wasn't serious about cleaning its own house.
"I have dedicated the past 22 years of my life to living, serving and promoting the Olympic ideals," Tewksbury said.
"Those ideals mean taking responsibility for your actions as difficult as that might be."
"I am stepping aside and resigning all my commitments within the Olympic movement. As I currently have lost confidence in the leadership, it would be impossible for me to continue to serve."
-- With files from CP