The pair launched Ivy Park two years ago, playing on the personal brand of the US singer and outspoken feminist.
The buyout comes weeks after Sir Philip was named as having taken legal action to prevent publication of allegations of sexual harassment of staff.
Sir Philip says he "categorically and wholly" denies the allegations.
However, Beyoncé had faced pressure from campaigners to cut ties.
In a statement on Thursday, Ivy Park said: "After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop - Arcadia will fulfil the existing orders."
Ivy Park sells items such as hoodies and leggings, part of a trend towards so called athleisure.
Beyoncé and Sir Philip had both owned 50% stakes in the label, which is named after the singer's daughter with rapper Jay Z, Blue Ivy.
Sir Philip, one of Britain's best known businessmen, was named in parliament last month by Lord Hain as the man behind a court injunction preventing the publication of allegations of sexual harassment and racial abuse of staff.
In a statement last month, he denied having broken the law and said his businesses fully investigated employee grievances.
However, campaign Equality Now had called for Beyoncé to end her relationship with the tycoon, arguing it was at odds with her stated principles.
Yasmeen Hassan, from the campaign group, said in October: "Beyoncé has put herself forward as a women's rights activist. She and her team need to look closely at these allegations."
Another activist, Nimco Ali, said: "Beyoncé should say 'I don't want to work with Philip Green'."
A representative of Sir Philip would not comment further on the Ivy Park deal, while Beyoncé could not be reached for additional comment.
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