Bloomer has recently been in discussions with the board of directors with regard to his role at the club, in light of the news that his future beyond this season was uncertain.
Bloomer had been a player at the club since 1992, going on to take charge of the Robins' youth team in 2001.
Chairman Paul Barker told the club's website: "I would like place on my record my thanks to Bob Bloomer.
"He was a popular player and is a tremendous coach, we wish him the very best of luck in the future."
Bloomer added: "I've thoroughly enjoyed all of my time at Cheltenham Town.
"I would like to thank every one of the supporters for the encouragement they gave me as a player and in my time as a coach.
"I leave with a heavy heart, but wish everyone all the best for the future."