The event had been due to be held at The Terrace at the House of Commons.
However, the institute said it had been notified the house authorities had decided to cancel all events in the period to Christmas with immediate effect.
"As such, the ITT Christmas party and ITT Future You awards will be postponed until a later date," said the ITT in a statement posted on its website.
"While we fully appreciate that this news is unwelcome and will cause great inconvenience, the house authorities has reached this decision to reduce the risk to those who work on the parliamentary estate, as well as to visitors."