The former Mayor made the pledge as he unveiled his transport manifesto, which also contains a commitment to introduce a new “smart parking system” which would allow drivers to find available parking spaces via their smartphones.
Mr Livingstone’s campaign say they would work with London’s local councils to develop and roll-out the scheme.
Labour’s Mayoral candidate says he would not seek to bring back the congestion charge zone’s western extension, saying it would be “too expensive”.
Livingstone also says he would not attempt to introduce the £25 ‘gas guzzler’ charge which he promised before the 2008 election, and has repeated his promise to cut fares by 7%.
Other promises include working to bring all suburban rail services into the London Overground network and improving bus services in outer London.
Livingstone has also matched a promise by Conservative rival Boris Johnson to provide London’s boroughs with funding enabling them to continue offering the Freedom Pass to those aged 60.
Announcing his policies, Mr Livingstone said: “I make no apology for the fact that the focus of my transport policy is to make it cheaper for Londoners to get around.
“This election is a referendum on who will make Londoners ‘better off’. Under my Fare Deal, the average fare payer will save £1,000 over the next four years – many will save much more.
‘Under Boris Johnson, millions of Londoners have been hit in their pockets and purses by the rising cost of living. I recognise the squeeze Londoners are feeling and alongside my fare cut I will freeze the Congestion Charge for 4 years and protect the Freedom Pass from age 60.”
Mr Livingstone has also launched a ‘London Travel Voucher’ which he says LOndoners can print out and kep.
Livingstone said the voucher “will only be valid if I am elected as Mayor on 3 May. Londoners who want to save £1,000 need to use their vote to cut fares.”
Commenting on Mr Livingstone’s announcement, Liberal Democrat candidate for Deputy Mayor Caroline Pidgeon said: “This is just a long list of uncosted promises, Ken Livingstone can say what he likes, no one trusts him after years of broken promises.
“He continues to fail to explain how he will increase services and cut fares. It’s all monopoly money.”
Candidates for Mayor include Brian Paddick (Liberal Democrat), Jenny Jones (Green party), Ken Livingstone (Labour), Lawrence Webb (UKIP) and Boris Johnson (Conservative). A full list of candidates can be found here.