Publisher IHS has pledged to try to find new positions for editor Chris Herbert and deputy editor Royston Martis, along with three reporters and other commercial staff who will otherwise face redundancy.
The final edition of the magazine is due to be published on 18 November, with the website closing on 28 November.
Announcing the closure, IHS group publishing director Sean Howe said the company would be retiring the entire Police Review product line – including the website, police handbooks and the Gala Awards – due to "changes in the marketplace".
"We have come to this conclusion after a long period of careful consideration and we sincerely regret any inconvenience this will cause our loyal customers.
"We would also like to thank the editor, Chris Herbert, the sales manager, Ian Barrett, and their respective teams for their commitment to Police Review, and the products and events which have grown up around it, both over recent years and in the remaining weeks during which we will be publishing."
Howe thanked the magazine's readers "loyal support over the years".
Shadow home secretary Yvette Cooper said on Twitter: "Sorry to hear of closure of Police Review - it will be great loss to serious discussion and debate on policing" and shadow chancellor Ed Balls called the closure a "tragedy".
The final hard copy issue of the magazine will be dated 25 November. The website will be closed down on 28 November and the last issue of Police Product Review will be published on 18 November