Pilgrims' Friend Society's told Premier losing the service means many older citizens will be left with very little human contact at all.
Analysis of official data for England shows the number of people receiving meals has fallen from 75,885 in 2010/2011 to 29,605 in 2013/14.
Spending on meals on wheels for people aged 65 and over has fallen 47%, from £42.1 million in 2010/11 to £22.3 million in 2013/14.
In less than a decade, the numbers receiving meals on wheels has fallen by more than 80% - equating to 125,000 older people.
It comes as the number of elderly people admitted to hospital with malnutrition continues to rise.
Louise Morse from the Christian charity Pilgrims' Friend Society said: "For many older people this is their only human contact.
"So it's much more than just having the food.
"Carers can heat frozen meals and make sandwiches, and that's good, but again it's the human contact."
She added that local authorities are aware of how important the service was but "there simply isn't the money".
"They know that they can't meet the needs of all older people on the funding that they now have," she stressed.
The British Association of Parenteral and Enteral Nutrition estimates that 1.3 million aged 65 and over suffer from malnutrition, with many living in their own homes or in the community.
Diane Jeffrey, chair of Age UK, said: "Ensuring older people are well nourished is essential if they are to stay fit and well, and meals on wheels have traditionally played an important role in this.
"It is dismaying to see this former mainstay of community care for older people being allowed to shrivel away because of Government cuts. At this rate of decline there won't be any meals on wheels provision left at all in a few years' time.
"An important preventive service for older people is well on the way to becoming extinct.
"This seems a terrible false economy, since the meals on wheels service helps to prevent malnutrition, which makes older people more vulnerable to illness and disease and piles cost on to the NHS, as well as spelling misery for the individuals concerned.
"Meals on wheels also provide essential social contact for those pensioners who are otherwise entirely alone, an important indirect benefit."
Louise Morse speaking to Premier's Antony Bushfield: