The latest Newspoll, released on Sunday, showed Pauline Hanson's party falling from its peak of 27 per cent to 24 per cent.
But the shift in voters has not meant an increase in support for the major parties.
Labor remains steady on a primary vote of 31 per cent, as has the coalition on 21 per cent.
Anthony Albanese remains the preferred prime minister over Angus Taylor, ahead 46 per cent to 37, with 17 per cent remaining uncommitted.
While 40 per cent of voters were satisfied with the prime minister's performance, Mr Albanese had a dissatisfaction level of 57 per cent.
Mr Taylor's net approval rating has gone down, with 33 per cent satisfied and 46 per cent dissatisfied with him as opposition leader.
A Resolve poll, also published on Sunday, also showed One Nation falling in support from 24 per cent to 22 per cent.
The drop has meant the coalition has overtaken One Nation as the party with the second-highest primary vote, rising from 22 to 23 per cent in the latest survey.
Labor rose by three percentage points from 29 to 32 per cent.
Mr Albanese holds a narrow lead over Mr Taylor as preferred prime minister, leading by 33 per cent to 32.
Nationals senator Bridget McKenzie said the drop in support for One Nation did not come as a surprise.
"In times of global crisis, as we're currently in, Australians rightfully look to parties of government when they're looking at economic shocks such as we're going through, or indeed, how to respond to foreign conflicts," she told ABC Radio on Monday.
"It's really the parties of government - the National Party, the Liberal Party and the Labor Party - that have expertise in those policy areas and ... that is what may be driving that drop as Australians consider who is best to manage these types of scenarios."
The Newspoll and Resolve surveys coincided with the Middle East war and closure of the Strait of Hormuz, which has affected global oil prices.
Industry Minister Tim Ayres declined to say what was responsible for the decline in One Nation support when asked, but said a co-ordinated response to the fuel crisis was essential.
"The job of the Albanese government is to keep focused on the interests of Australia and Australians, in my case, focused on the interests of blue collar and industrial regions," he told reporters in Canberra.
"That means investment and action in big regional economies. That's what we have to do, and I think that's what Australians expect us to do."
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