Home and Away star Lynne McGranger bows out after 33 years

Home and Away has announced it will say goodbye to legacy character Irene Roberts, played by Lynne McGranger, after 33 years on the show.

The actor, 72, said she is leaving the Australian show in March, with her character set to exit screens in the middle of this year.

The Logie-nominated star, who had previously broken the news to her fellow cast members on set, will step back from the show as she sets off on another nationwide theatre tour of The Grandparents Club.

How the character Irene, who has beaten breast cancer, alcoholism and a plane crash, will depart the show is uncertain.

The star revealed she has been involved in the storyline behind the iconic character's exit, but did not say how she will leave Summer Bay.

"I can say that I came up with the idea," she told Channel Seven.

"It is very pertinent and it's very current, and I think the viewers won't be disappointed."

The actor, said she is "forever grateful" to the cast and crew for everything they have done for Irene over the past three decades.

The soap, which has held Channel Seven's 7pm time slot for decades, has been sold to over 145 countries and generated over $1 billion in revenue since 1988.

The show's executive producer, Julie McGauran, said the "wonderfully talented, witty, and funny" actor would be missed.

"Lynne's extraordinary portrayal of down-to-earth Irene Roberts is why the character is held with such great affection by fans around the world," she said.