The comedian, 38, shared he was leaving the show after seven years during a taping of the long-running Comedy Central show on Sept. 29.
"I remember when we first started ... so many people didn't believe in us. It was a crazy bet to make. I still think it was a crazy choice, this random African," said Noah, who hails from South Africa. "What a journey it’s been. ... It’s been absolutely amazing. It's something that I never expected."
He added: "After the seven years, my time is up, but in the most beautiful way, honestly. I’ve loved hosting this show. ... But after seven years I feel like it's time."
Noah elaborated on his decision while taking questions in a behind-the-scenes video posted on "The Daily Show" YouTube channel Tuesday.
"You know those funerals where people are dancing? Think of it like that," Noah joked. "It's like, yeah, I'm in the coffin, but I'm still alive."
Noah said he made his announcement before setting an official departure date so the news wouldn't come as an "Irish goodbye."
"I’d be weird if I was just like, on a Thursday, just like, ‘Bye everybody!’ And then Monday comes, you’re like, 'Where’s Trevor?' " he said. "Then you just see me on Instagram, sipping something on the beach."
Noah said he looks forward to having more time for himself and reflected on the experiences he's had traveling the world.
"There's one thing in life you never get back and that's time," Noah said. "I now find myself excited at getting back to doing a few of the things that I did around the world that I really loved."
Noah's announcement earned a standing ovation from the masked studio audience.
A Comedy Central spokesperson said in a statement Thursday that there is no timetable for Noah's departure and that the network is working with him on next steps.
"We are grateful to Trevor for our amazing partnership over the past seven years," the statement said.
"The Daily Show" was hosted by Craig Kilborn from 1996 to 1998 and Jon Stewart from 1999 to 2015. Noah took over the show in 2015.
Noah's announcement comes five months after James Corden announced he would be leaving his comedy show, "The Late Late Show With James Corden," in spring 2023 after hosting it since 2015.
In July, TBS announced it was pulling "Full Frontal With Samantha Bee" from the network after seven seasons. The move came after a Warner Bros. Discovery merger that saw many executives depart from the company amid an internal restructuring.
Contributing: Angie Orellana Hernandez
This article originally appeared on USA TODAY: 'The Daily Show': Trevor Noah announces he's leaving after 7 years