The award, which could have recognised films popular with audiences but not critics, was only announced last month.
In a statement, the Academy's CEO said she had "recognised the need for further discussion" with its members about the proposal first.
It was set to be introduced at the 91st Oscars in February 2019.
"The Academy recognized that implementing any new award nine months into the year creates challenges for films that have already been released," it said in statement.
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