The No. 4-ranked prospect overall had been committed to the Nittany Lions since December but has reopened his recruitment.
Fields released a statement via Twitter announcing the decision and said it was one of the hardest decisions he has had to make.
"My decision to reopen my recruitment is in no way a reflection of any deficiencies of PSU, its coaches, players or fans," Fields said. "I still believe that PSU is a great academic and athletic opportunity for any student athlete and it will remain one of the top schools that I would consider."
Fields is the second five-star prospect to decommit from this 2018 Penn State class, joining defensive lineman Micah Parsons, who decommitted in April.
The decision to take another look at his commitment comes after Fields received a flood of new attention after a series of camps in the spring. He recently received offers from Florida and Florida State, and had numerous coaches at his school during the spring evaluation period.
Georgia is the in-state school and is still looking for a quarterback in this class. However, the Dawgs have landed two big-name ESPN 300 quarterbacks in the past two classes in Jacob Eason and Jake Fromm, so it might be difficult for Georgia to land Fields.
Before the decommitment, Penn State had the No. 4-ranked recruiting class behind Miami, Ohio State and LSU. The Nittany Lions now have 12 total commitments and seven ESPN 300 commitments remaining.