She joins her younger sister Serena, who beat her in last year's final at Flushing Meadows, in missing the year's last grand slam tournament that begins on Monday. Serena withdrew after undergoing knee surgery.
"I kept thinking I would be able to compete," said the world number five in the statement. "Unfortunately, it just wasn't meant to be.
"So, with regret, I have to pull out of this tournament and continue my recovery."
Venus sustained the injury at a tournament in Poland in April and also withdrew from the French Open in June.
She played at Wimbledon, though had to receive treatment on the injury during the final against Serena, which she lost in three sets.
Venus was seeded fourth for the tournament, which she won in 2000 and 2001, before losing the crown to Serena last year.
