Rosie Ross, 16, was killed by schizophrenic Inderjit Kainth while she sunbathed in Birmingham City Centre in May 2001.
Rosie's Helping Hands has raised Â£350,000 for young people in and around Aldridge, but her parents say it is time for the charity to wind down.
"We didn't want to keep it going longer than we had Rosie," said mother Karen.
The last annual Rosie's Walk takes place on Sunday at Aldridge Airfield and Mr and Mrs Ross hope to raise Â£15,000.
Mrs Ross said: "Next year it will be 16 years which is the same amount of time that we had Rosie and we didn't want to take the charity past that time.
"Obviously Rosie will always be with us and we will always miss her but we don't always want to be taken back to those very painful and raw times.
"You do learn to live and cope better with that loss."
The couple will continue to fundraise and help projects until summer 2017.
The charity helped to fund a pirate themed play area on the children's ward at Walsall Manor Hospital.
Laura Phillimore, healthcare play specialist at the hospital, said the area was a "grey concrete space" before its makeover.
"Its made an absolutely huge difference to have a bit of normalising play, making them forget they are in hospital and all the horrible things they have to go through."
The parents of a teenage girl who was stabbed to death are holding the final fundraising walk in her memory.