Her controversial 2012 single Cola, which begins "My p---- tastes like Pepsi Cola", has a refrain which refers to a character called Harvey: "Harvey's in the sky with diamonds / And it's making me crazy / All he wants to do is party with his pretty baby."
Retiring the song is "the only right thing to do", the 32-year-old told MTV News.
"When I wrote that song, I suppose I had a Harvey Weinstein/Harry Winston-type of character in mind," she said. "I envisioned, like, a benevolent, diamond-bestowing-upon-starlets visual, like a Citizen Kane or something. I'm not really sure."
The song, which appeared on her third EP, Paradise, and was originally titled "P----", came under scrutiny for its questionable lyrics on its first release. When asked in a 2012 interview whether she had any reservations about releasing it, Del Ray said: "I didn't but everyone around me did... for me, the vibe of it is so good, I love it."
Speaking to MTV this week, the singer admitted she now feels "sad" about the track. "I thought it was funny at the time, and I obviously find it really sad now," said Del Ray, who is set to begin a 15-night tour of North America in January. "I support the women who have come forward. I think they're really brave for doing that."
A number of Hollywood stars, including Gwyneth Paltrow and Kate Beckinsale, claim to have been sexually harassed by the Shakespeare in Love producer, who as of Tuesday was under investigation by Scotland Yard for seven allegations of sexual assault. Weinstein's legal representative has "unequivocally denied" all accusations of non-consensual sex.