The council issued a statement on Saturday saying the tournament was due to take place at St George's Market at the end of this month.
But a spokeswoman said councillors had raised concerns about the event "on the basis that it is not a recognised sport".
She added: "Belfast City Council has responded quickly to these concerns and the event organisers have now been contacted and told it will not take place."
DUP councillor David Rodway said: "This is not a recognised sport, it is gratuitous violence.
"Every weekend, we see people fighting on the streets and the council does not wish to promote it." source Newsletter
If DUP councillor David Rodway gets to see fighting on the streets every weekend I'm sure attending this event couldn't harm me.
On the Last Man Standing website they describe the event...
I might even bring my mother, who's a pensioner, along. As a child I'll always remember her watching the wrestling on TV and wondering why.
MPR productions are proudly set to introduce the first ever MMA tournament to Northern Ireland.
In the tradition of K 1 - pride Japan the MPR " The Last Man Standing " tournament will include eight of the world's finest MMA warriors hailing from Ireland , Italy ,Brazil, France, UK, Lithuania, Spain, USA...
The variety styles of each challenger will ensure that every round of this tournament will be exciting.
8 fighters will pass through a direct elimination tournament, in order to reach the final , the challenger must pass through 3 fights in the same night!
The Tournaments overall winner will recieve not only the respect but £10,000 prize moneyAlso as a bonus we will provide one extra Muay Thay fight.
We will organise 2 tournaments a year with different weight divisions each time.