The bill was passed on Saturday by lawmakers from three major Sunni, Kurdish and Shia blocs - all members of Maliki’s unity government.
The bill restricts the posts of the president, prime minister, and parliament speaker of Iraq to two four-year terms.
Maliki’s supporters dismissed the move as unconstitutional and vowed to refer it to a federal court.
Despite the parliamentary vote, it needs the president’s approval.
The parliament’s move comes amidst weeks of anti-government protests.
Maliki was first elected as prime minister in 2005, and was consequently reelected in 2010.