Two helicopters and two ships spent time looking for the man, who was seen falling from the Silja Festival ferry as the boat traveled from Stockholm to the Latvian capital of Riga.
The incident took place as the ferry was traveling south east of Sandhamn on the outer edges of the Stockholm archipelago, near the Almagrundet shallows.
The boat turned around, but the crew found no trace of the man.
The search was called off around midnight after “all options for finding the missing person alive had been exhausted”, said the Swedish Maritime Administration (Sjöfartsverket) in a statement.