Poor sales on newsstands and low subscription takeup made the magazine commercially unviable.
Publishers Haymarket had launched the weekly in September focusing on backstage news and interviews relating to the ITV talent show. It also covered news from the wider music industry, fashion and showbiz gossip.
The magazine was intended to be a year-round publication but a message posted on X's official Twitter announced that the 14th issue will be its last.
"The final issue of X Mag is out on Wednesday. Thanks to all who worked with us and to everyone who wrote/tweeted/emailed - it's been brilliant," the Twitter post read.
A spokesperson for Fremantle and Syco also confirmed the news of closure of the magazine after the final of The X Factor broadcast this month.
"We are reviewing its status ahead of next year's series and looking at what options there are for the magazine moving forward," the spokesperson added.