The cuts, which make up 20% of its budget, are due to come into force over a three-year period from 2014-2015.
GMP will not replace police officers who retire or leave and a recruitment freeze will be put in place.
Chief Constable Sir Peter Fahy said it was the “biggest challenge GMP has ever faced”.
Sir Peter said: “It has big implications for the way our staff operate and about the co-operation we will need from the public and business.
“If we have 20% less staff, we need 20% less demand [for the force's services].
“Basically, we will stop doing some of the things we did before. “
Sir Peter said the force would be reviewing how it deals with persistent offenders and added “we will do other things differently”.
In 2010, GMP said it was axing 3,100 jobs – 1,500 officers and 1,600 civilian workers – over a four-year period to meet the government's 25% spending cuts.
'Reckless' and 'dangerous'
The latest announcement comes after the government revealed £11.5bn cuts would be made across the board- with the Home Office expected to lose 6% of its budget.
Tony Lloyd, the Police and Crime Commissioner for Greater Manchester, said: “Enough is enough. These further cuts are reckless and they are dangerous.
“To be frank, there's only so much they can take.
“The police service has done its part, by making savings, delivering real efficiencies and working together with other agencies.
“Both the chief constable and I remain wholly committed to building the safest communities in Britain.”