Jemmeh ruled the African nation for 22 years and threatened to not leave office following his defeat in December's elections.
He cited irregularities in the elections for his stance.
Jemmeh was defeated by property developer Adama Barrow, in what is considered by pundits to be the biggest political upset in African politics.
"I have decided today in good conscience to relinquish the mantle of leadership of this great nation with infinite gratitude to all Gambians," he told state TV.
"I promise before Allah and the entire nation that all the issues we currently face will be resolved peacefully," he added.
Yahya Jemmeh is expected to leave Gambia, as per Mauritian President, who said that a deal was struck.
Earlier, fearing the outbreak of violence, thousands of Gambians had fled the nation and moved to Senegal.
Senegal, along with several other African nations have also deployed its troops in Gambia.
Image: Google Maps
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