In total, close to 100 people had been running for office in the deeply divided and war-torn country.
Other obstacles include disputes over the laws governing the election, infighting among armed groups, a long-running rift between the country's east and west and the presence of thousands of foreign fighters.
What this means for the UN peace process
Friday's election was to mark a fresh start for Libya a year after a landmark cease-fire.
The cancellation of the presidential poll is a major setback to the peace process aimed at ending a decade of chaos in the wake of a 2011 revolt that removed late dictator Moammar Gadhafi.
Many Libyans had registered for the vote, and some lawmakers have called for protests after it was called off.
The status of the interim government that was installed in March as part of the UN peace process is also at risk.
The US ambassador to Libya, Richard Norland, said the delay was a disappointment.
He urged the parties to "expeditiously address all legal and political obstacles to hold elections, including finalizing the list of presidential candidates." Norland said arrangements for the elections should be a priority.