The decision, which took place at the executive board meeting in Lausanne, Switzerland, doesn't mean that wrestling's no longer an Olympic sport-- rather it means that wrestling will have to compete with the other seven shortlisted sports for inclusion in the 2020 Olympic Games, the IOC said in a press release.
The eight sports, which include baseball/softball, Karate, roller sports, sport climbing, squash, wake boarding, and wushu, will make presentations at the executive board meeting in Set Petersburg this May.
According to BBC News, modern pentathlon and Taekwondo were the sports that most people considered would get cut.
The Olympic Committee often reviews the core sports to make sure that the entertainment remains relevant to its audience.
IOC spokesman Mark Adams said that ""This is a process of renewing and renovating the program for the Olympics," the Associated Press reported.
"In the view of the executive board, this was the best program for the Olympic Games in 2020. It's not a case of what's wrong with wrestling, it is what's right with the 25 core sports."
The IOC assessed each sport by looking at its TV ratings, ticket sales and global popularity, BBC reported.