Instead, it was jointly awarded to two campaigners who have fought for children's rights around the world.
Pakistani teenager Malala Yousafzai was shot in the head by the Taliban at the age of 15, after speaking out against the extremist group.
The 17-year-old has since written a book and campaigned for women's and girls' rights to education across the globe.
Indian activist Kailash Satyarthi was jointly awarded the prize for his work highlighting the exploitation of children and campaigning to end child slavery.
The Norwegian Nobel Committee said: "Despite her youth, Malala Yousafzai has already fought for several years for the right of girls to education, and has shown by example that children and young people, too, can contribute to improving their own situations.
"This she has done under the most dangerous circumstances.
"Through her heroic struggle she has become a leading spokesperson for girls' rights to education."
It added: "Showing great personal courage, Kailash Satyarthi has headed various forms of protests and demonstrations, all peaceful, focusing on the grave exploitation of children for financial gain.
"He has also contributed to the development of important international conventions on children's rights."
No pontiff has yet been awarded the Nobel Peace Prize.
Pope Francis had been tipped to win the award for his work securing peace in the Middle East and rebuilding interfaith relationships.
Legislator Oscar Martinez describes the pontiff as "decisive in maintaining international peace through his clear position regarding the conflict in Syria".
The 77-year-old was nominated by Argentina's congress.