The school told faculty and staff of the decision Wednesday. The teams will be suspended for the 2016-2017 year.
The change will save the college about $236,000, the school said.
Norwalk graduate Michael Finch is a sophomore outfielder-left-handed pitcher on the baseball team.
A college spokesman said Owens will honor scholarships of students who have signed a letter intent to play next year.
In March, the school announced it would suspend men's golf, women's soccer, and men's soccer next school year.
The decision will leave Owens with only three sports next year — men's basketball, women's basketball, and volleyball.
"As we continue to make strategic and difficult choices on the road to fiscal health, the decision has been made to suspend the Baseball and Softball programs, effective for the 2016-2017 academic year. The top priority at Owens is, and will continue to be, maintaining a legacy of high-quality education that prepares students and the local workforce for success," said President Mike Bower, in a written statement.
State authorities placed Owens under a fiscal watch designation a year ago amid financial troubles caused partly by drastically falling enrollment. In response, the school has sliced employee salaries and made other budget cuts, in addition to hiking some student fees and taking other measures.
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