While United are into the Europa League final next week, they're currently sitting 16th in the Premier League.
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They also canceled the awards night a year ago, despite finishing eighth and winning the FA Cup against neighbours Manchester City.
United have also scrapped the prospect of a victory parade should they win the Europa League final against Tottenham next Wednesday night. Instead, they will hold a family BBQ at the club's Carrington training centre.
United, this season, face their worst league finish since the 1973-74 relegation campaign.
Meanwhile, the annual player awards will be presented on the pitch at Old Trafford before the final home game of the season against Aston Villa on 25 May.