"We've been voting for the lesser of two evils for too long," she told CNN's Carol Costello.
"The good news, if you want some good news, is that everybody's so frustrated that at least we're awake," she added.
Sarandon said she will be voting for Green Party candidate Jill Stein on November 8.
"I wanted to vote for somebody who in some way is concerned about the things that concern me," Sarandon said.
"After my experience in the primary it's very clear to me that ... the (Democratic National Committee) is gone. We need a progressive party," she insisted.
Sarandon, star of such films as "Bull Durham" and "Dead Man Walking," had supported Democratic candidate Bernie Sanders
The actress's comments came after she delivered a scathing critique of the controversial Dakota Access Pipeline project
, and what she considered to be the presidential candidates' collective failure to intervene against the project.
"If you look at who has contributed to Hillary's campaign it's every single one of these corporations and banks. Everyone from Goldman Sachs to the major banks. So that's one of the problems. You are not going to hear anything from her," Sarandon said, adding that "Trump isn't concerned either."
Sarandon also criticized President Barack Obama for not speaking out against the $3.7 billion pipeline project, which would transport 470,000 barrels of crude oil a day through four states. Supporters say it will bring thousands of jobs to the region, while critics argue it will be an environmental disaster.
"It's not worth it if your water's poisoned," said Sarandon before adding, "It's not a question of if they (the pipes) leak, it's a question of when."