"As a simple kid born in the little town of Uvalde Texas, it never occurred to me that I would one day be considered for political leadership," he told his millions of followers. "It is a humbling and inspiring path to ponder.
"It is also a path I am choosing not to take at this moment.
"One category of service I've been exploring is politics, I've been considering a run for the governor of Texas, I've been listening, I've been learning, I've been measuring … I've been studying Texas politics and American politics. What have I learned? A lot," he continued.
The 52-year-old said he would still "work and invest the bounty I have by supporting entrepreneurs, businesses and foundations that I've believe are leaders, establishments that I believe are creating pathways for people to succeed in life".
The actor first sparked rumours of a career in politics, telling The Balanced Voice podcast that a run for governor was a "true consideration" of his.
"I'm looking into now, what is my leadership role?" McConaughey said. "Because I do think I have some things to teach and share."