Belarus, which is due to host the tournament in May-June, is facing calls for it to be stripped of the event because of President Alexander Lukashenko's crackdown on protesters opposing his re-election.
"We've been a proud partner for 28 years. But we also respect & promote all human rights," the carmaker said on Twitter.
"Therefore, SKODA will withdraw from sponsoring the 2021 IIHF Ice Hockey World Championship if Belarus is confirmed to be co-hosting the event," Skoda said.
Denying Belarus the right to host the event would deprive Lukashenko, an avid hockey fan and player, of staging a major international event in Belarus for the first time since his disputed re-election last August. His opponents say the vote was rigged.
(Reporting by Robert Muller; Editing by Hugh Lawson)