The pair, who have 23 major titles between them, announced the split via dual statements.
During their time together, Federer won 11 ATP titles but failed to add to his record haul of 17 grand slams after losing three finals to World No.1 Novak Djokovic.
"After two very successful years, I would like to thank Stefan Edberg, my childhood idol, for agreeing to join my team," Federer said on his official Facebook page
"It was a dream come true. Although it was supposed to only be for 2014, Stefan was great and agreed to extend the partnership through this year which I really appreciated.
"He taught me so much and his influence on my game will remain. He will always be a part of my team."
Federer confirmed Severin Luthi will continue as his main coach and that 36-year-old Croatian Ivan Ljubicic, who won 10 ATP titles during his career, would join his team.
Edberg reiterated that he had always intended to step aside at the end of the 2015 season, after agreeing to extend his initial one-year deal.
The Swede helped Federer maintain his place at the top of the men's game, collecting six Tour titles in 2015, but he fell short in his assault on Djokovic's place at the game's summit.
Three times the Serbian has defeated the 34-year-old in grand slam finals in the past two years, twice at Wimbledon and most recently at the U.S. Open in September.
In a statement released to the ATP Tour's website
Edberg said. "Roger and I had a wonderful two years together. When he originally approached me at the end of 2013, I committed to work with him for only a year.
"It became very clear from the start that this was going to be a special partnership, working with the greatest ambassador tennis has ever seen. It was exciting for me to be back out on tour and to see that the sport has made so much progress.
"The quality of tennis today is stronger than it has ever been. After an amazing 2014, I decided to continue on for another year, but with a clear understanding that it would be my last year given the time commitment.
"I believe Roger still has a lot left to give to the sport of tennis and is capable of winning the big events. Roger and I will remain close friends and I will always feel part of the Federer team. I hope to try and come watch Roger play some tournaments in 2016."
Federer begins his 2016 season at the Brisbane International in Australia at the beginning of January, a tournament he won last year.