The annual event in December involves teams of six tackling an obstacle course on the seafront in Lyme Regis while carrying a Christmas pudding.
Organisers said: "We have a very small committee and cannot commit the time needed to organise the event."
The event, which has been running for three years, has raised £11,000 for Cancer Research UK to date.
In a statement on the pudding race's Facebook page organisers said: "We appreciate that our supporters will be disappointed, but we feel it is the right thing to do."
It is hoped the event will be staged again in 2016.
A charity Christmas pudding race in Dorset has been cancelled due to time pressures, its organisers have said.