China's birthplace of kung fu rocked by embezzlement probe
It said Shi had "seriously violated Buddhist precepts", including by allegedly engaging in "improper relationships" with multiple women.
"Multiple departments" were conducting a joint investigation, the temple said.
Shi has previously been accused by former monks of embezzling money from a temple-run company, maintaining a fleet of luxury cars and fathering children with multiple women.
China's government exercises authority over the appointment of religious leaders, and "improper" conduct is often grounds for removal from office.
A hashtag related to the temple scandal had been viewed over 560 million times on social media platform Weibo, as of Monday morning.
The last post to the abbot's personal account on Weibo declared: "when one's own nature is pure, the pure land is here in the present".
Shi faced similar allegations in 2015 which the temple called "vicious libel".
Shi, 59, took office as abbot in 1999 and in the following decades expanded Shaolin studies and cultural knowledge overseas.
He helped the temple establish dozens of companies -- but received backlash for commercialising Buddhism.
The temple, established in AD 495, is known as the birthplace of Zen Buddhism and Chinese kung fu.
Shi was first elected vice-chairman of the Buddhist Association of China in 2002 and has served as a representative to the National People's Congress, the country's top lawmaking body.
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