The cooking competition lost more than half its viewers, falling from highs of seven million to less than three million viewers on New Year's Day.
Channel 4 axed the UK version of The Taste last year after just one series.
Other shows cancelled by ABC include Forever, supernatural drama Resurrection and new sitcom Cristela.
Industry website Deadline had warned earlier this year that the future of The Taste was "up in the air".
Starring alongside Lawson were chefs Anthony Bourdain, Ludo Lefebvre and Marcus Samuelsson. The show saw cooks trying to impress the experts with spoonfuls of food.
Lawson's UK TV cookery career remains intact however - BBC Two recently confirmed she would return for new series Simply Nigella later this year, her first on the channel since 2012's Nigellissima.
Marvel's Agents of Shield, which airs on Channel 4 in the UK, has been renewed for a third season, while Agent Carter - starring British actress Hayley Atwell - will return for a second.
Other hit shows including Grey's Anatomy, Nashville, Scandal and How to Get Away with Murder have all been renewed for another season, according to Variety.
ABC has also re-commissioned Castle, fairytale drama Once Upon A Time, American Crime and Secrets and Lies.
Casualties include Forever - starring Welsh actor Ioan Gruffud as a medical examiner trying to solve the mystery of his own immortality - which only survived one season after ratings dipped from 12 million to just under 7 million for its most recent episode.
The network's cull makes way for six new dramas and three recently ordered comedies, which include a revival of The Muppets and new thriller The Catch, from Grey's Anatomy and Scandal showrunner Shonda Rhimes.
Also commissioned were Biblical saga Of Kings and Prophets, Quantico - from Gossip Girl producer Josh Safran - and 80s crime drama Wicked City.
Modern Family, The Goldbergs, Fresh Off the Boat and The Middle are among the comedies returning for new series, along with reality series The Bachelor and Dancing With the Stars.
Nigella Lawson's US cookery show The Taste has been axed by TV network ABC after two series, following a dramatic ratings slump.