The new app, which users of iPad, iPhone and iPod Touch can update to today, is part of ITV's strategy to develop new revenue streams as part of its five-year transformation plan.
Once users have updated the ITV Player app, they will be able to select a premium upgrade to watch catch-up content from the last 30 days of ITV, ITV2, ITV3, ITV4 and CITV without advertising, as well as simulcast of the main four ITV channels.
If viewers would rather not upgrade, they can continue to watch catch-up content with ads and the simulcast of ITV and ITV2 for free.
Steven Power, the product manager for ITV Player on mobile, said: "As ITV Player on mobile devices continues to grow – over seven million downloads on iOS to date – it is important we deliver innovative business models and adapt the product to the evolving market.
"I'm genuinely excited that we're the first commercial broadcaster to offer viewers the choice to watch content with or without advertising."
Last month, Tesco’s Clubcard TV offering extended through a deal with ITV to bring classic ITV dramas to its ad-funded digital channel.Follow @MaisieMcCabe