Fernando, who is No. 34 in the ESPN 100 draft rankings, had declared for early entry and, after weighing his options, announced Wednesday that he will attempt to turn pro.
As a sophomore, the 6-foot-10 Fernando led the Big Ten with 22 double-doubles and shot 60.7 percent from the field.
"We wish him the very best as he pursues his dream at the next level," Maryland coach Mark Turgeon said in a statement.
Terrapins guard Anthony Cowan Jr., who also declared early entry into the draft, has not yet announced whether he will return for his final season at Maryland.
The Associated Press contributed to this report.