Remove property by value from object

That would probably be delete :

delete obj['option1'];

FIDDLE

To do it by value, you'd do something like :

function deleteByVal(val) {
    for (var key in obj) {
        if (obj[key] == val) delete obj[key];
    }
}

deleteByVal('item1');

FIDDLE

This question has been answered correctly but there is just one thing I want to add:

You should write a pure function for this solution. That is a function that does not require your object to be defined in the global scope.

so:

const deleteObjectItemByValue = (Obj, val) => {
    for (var key in Obj) {
        if (Obj[key] == val) {
            delete Obj[key];
            return Obj;
        }
    }
};

usage: deleteObjectItemByValue(yourObj, val); This is a pure function that does not have side effects i.e mutate anything in its outer environment and does not depend on any global variable for its operation.