One of Dreamworld's eight thrill rides - and one of the world's top-five tallest roller coasters - will close at the end of next weekend after 23 years of making guests scream at more than 150km/h.

The Tower of Terror II will be decommissioned on Sunday, November 3, as part of the theme park's "ongoing review of existing attractions", according to a statement released on Thursday.

The decision came one day before the three-year anniversary of the Thunder River Rapids tragedy which killed Cindy Low, Kate Goodchild, Luke Dorsett and Roozi Araghi on October 25, 2016.

A theme park spokeswoman said there were no safety issues with the ride itself and the ongoing review was designed to regularly examine whether older rides should be retired.