By setting the -prune option.
-prune= Reduce storage requirements by enabling pruning (deleting) of old blocks. This allows the pruneblockchain RPC to be called to delete specific blocks, and enables automatic pruning of old blocks if a target size in MiB is provided. This mode is incompatible with -txindex and -rescan. Warning: Reverting this setting requires re-downloading the entire blockchain. (default: 0 = disable pruning blocks, 1 = allow manual pruning via RPC, 550 = automatically prune block files to stay under the specified target size in MiB)
The feature was originally introduced in Bitcoin Core 0.11 (see release notes).
As of version 0.12 pruning can be used while running a wallet. But note the -txindex and -rescan caveats.
Also note that the specified MiB will only include the block files and some undo space. Besides that you will also need some disk space for the chain state and block index databases.