Jones, who became director of the V&A in May 2001, will take up his new post on 1 September 2011.
During his time at the V&A, Jones has overseen a £120m programme of development at the museum, which has seen new galleries and spaces created.
Jones says, ‘After ten enormously enjoyable years at the V&A, during which I have worked with an outstandingly talented team of staff whose creativity and commitment has driven the success of the museum, I now look forward to taking on a new role as master of St Cross College.’
Paul Ruddock, chairman of the V&A, says, ‘Sir Mark Jones has made an extraordinary contribution to the success of the V&A over the past ten years. Under his directorship the V&A has been transformed into the world’s leading museum of art and design.’
The V&A trustees are now beginning the search to find a new director.