After no play in the morning session, the rain stopped and the sky brightened during the scheduled lunch interval.
Somerset, in particular, were hoping that play would follow, needing 10 wickets to win, with the home side facing a target of 318.
But following a post-lunch inspection, match umpires Ian Gould and Neil Mallender called it off.
The two sides, who remain unbeaten after four matches, are back in action again on Sunday.
Somerset host reigning champions Yorkshire at Taunton, while Warwickshire visit Trent Bridge to face Nottinghamshire.
Bears skipper Ian Bell is still hopeful of being fit, despite nursing a hamstring injury.
The pitch was reported by the umpires to ECB liaison officer Tony Pigott and this will now be considered by an ECB disciplinary commission.
Warwickshire director of cricket Dougie Brown:
"It was not the type of pitch we wanted. There was cracks but was it dangerous? No.
"We all know here that Gary Barwell is the best groundsman in the country by a mile. He was preparing this pitch 14 to 16 days ahead, as always, and when he started, it was in snow and ice.
"Then the weather flipped on its head and suddenly it was very hot, so the drying process was accelerated by the weather.
"When the cricket liaison officer said the pitch had been reported we were incredibly surprised."
Warwickshire's Championship game with Somerset was abandoned as a draw after a second washed out day at Edgbaston.