American actor Will Smith has resigned from the Oscars Academy after slapping comedian Chris Rock on stage during last Sunday's award ceremony.

His statement read, "My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable."

The Academy, in return, has said that it has accepted the resignation and would "continue to move forward" with disciplinary proceedings.

Smith slapped Rock over a joke about his wife's shaved head, which is a result of her hair-loss condition named alopecia.

Within an hour, Smith was awarded the best actor award for his role in King Richard, where he played the role of tennis stars Venus and Serena Williams' father.

"The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home," Smith said on Friday.

"I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work. I am heartbroken."

The actor added that he wished to "put the focus back on those who deserve attention for their achievements".

He ended by saying, "change takes time and I am committed to doing the work to ensure that I never again allow violence to overtake reason".

Rock, on the other end, addressed the slap during a stand-up show in Boston on Wednesday, saying he was "still processing what happened".

Notably, Rock had earlier declined to press criminal charges against Smith.

Smith's wife and actor Jada Pinkett-Smith, who has refrained from commenting on the issue, broke her silence through an Instagram post on Wednesday, with the caption, "This is a season for healing and I'm here for it."