Hillson guided Parkway to a unique treble last season, winning the CSWPL title, Throgmorton Cup and St Luke’s Devon Bowl.
However, this season Parkway have struggled to match the same heights.
In an official statement, Parkway said: “Plymouth Parkway would like to convey their gratitude to Wayne Hillson as he announces he will be stepping down from this position as Manager at the end of this season.
“Whilst we respect his decision to leave the club, we would like to thank him for all his hard work and dedication.
“Thank you Wayne for everything, we will never forget many memorable achievements you have accomplished over the last five years. We wish you well for the future.
“Plymouth Parkway are now inviting applications for the position of South West Peninsula League, Premier Division Manager commencing season 2015/2016.“If you feel that you would be interested in this exciting opportunity, to register your interest including your footballing CV or for further information please email Genny our club secretary email@example.com.”