The plans would withdraw all the "surge troops" he sent to Afghanistan in late 2009 to strengthen the fight against the Talibans.
In a prime time White House speech, Obama said he ordered the drawdown in "a position of strength," noting the United States is "meeting our goals" which include "refocus on al-Qaida; reverse the Taliban's momentum; and train Afghan Security Forces to defend their own country."
After the initial reduction, the U.S. troops will continue coming home at a steady pace as Afghan Security forces move into the lead, said Obama, as the U.S. mission will change from combat to support.
After the withdrawal of 33,000 troops, some 70,000 U.S. troops will still remain in Afghanistan, who will withdraw at a steady pace.
Obama said that by 2014, the process of transition will be complete, and the Afghan people will be responsible for their own security.
He also said al-Qaida is under "more pressure than at any time since 9/11," as more than half of the terror network's leadership were taken out, including terror mastermind Osama bin Laden in a U.S. special forces operation in Pakistan last month.
"The information that we recovered from bin Laden's compound shows al-Qaida under enormous strain," said Obama.
A senior administration official who spoke on condition of anonymity said before making the speech, Obama called important allies including Afghan President Hamid Karzai, Pakistani President Asif Ali Zardari, British Prime Minister David Cameron, French President Nicolas Sarkozy, German Chancellor Angela Merkel, and NATO Secretary General Anders Fogh Rasmussen.
"The president updated them on our efforts," said the official. "They appreciated the calls and all of them agreed that it's important for the coalition to remain closely coordinated going forward."
In his speech, Obama also announced the U.S. is to host a summit with its NATO allies and partners next May in Chicago to "shape the next phase" of the transition in Afghanistan.
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