The 18-year-old has sat out a Grand Prix event in Fort Lauderdale because of an ongoing injury, but had been hopeful of returning to the 10m platform in Mexico.
But despite giving himself as much time as possible to recover Daley was unable to do so and withdrew on the opening day of the event.
A British Swimming statement said: "Olympic bronze medallist Tom Daley has been forced to pull out of the FINA/Midea Diving World Series because of his ongoing elbow injury.
"Daley could not compete at the Grand Prix in Fort Lauderdale due the injury and will continue resting the elbow in order to prevent further damage.
"The Plymouth-based diver injured his elbow in training and the British Swimming medical team are continuing to support him in his recovery."