Martin, 33, was pivotal to ending Richmond's 37-year premiership drought in 2017 and went on to arguably become the greatest finals player of all time.
The powerful goalkicking midfielder won three premierships and three Norm Smith Medals with the Tigers in 2017, 2019 and 2020, along with the 2017 Brownlow Medal.
Dustin Martin displays his 2017 Brownlow Medal. (Julian Smith/AAP PHOTOS)
Martin is the only player to be crowned best-on-ground in an AFL grand final three times, with Hawthorn great Luke Hodge (2008, 2014), Adelaide legend Andrew McLeod (1997, 1998) and Hawks hero Gary Ayres (1986, 1988) the others to have done it more than once.
He will go down in history as possibly the greatest Richmond player, sitting comfortably up there with Kevin Bartlett, Jack Dyer and Francis Bourke.
Martin played 302 games and kicked 338 goals but was restricted to just 13 appearances this year, when his bumper seven-year contract ended, as speculation swirled around his future.
Martin, who famously shunned the spotlight and let his football do the talking, informed his teammates on Tuesday of his decision.
Dustin Martin reacts after kicking a goal in the 2020 grand final against Geelong. (Dave Hunt/AAP PHOTOS)
"It is hard to put into words what the Richmond Football Club means to me, I love this place so much," Martin said in a statement.
"I will be forever grateful for the love and the support I have received from the people here.
"To my teammates, the brotherhood that we all share is what I value most, as well as the bond with the staff and coaches… thank you to all of you.
"To my family and friends, thank you for your unconditional love and support.
"To the Tiger Army, I have always felt loved and supported throughout my career, and for that, I will be forever grateful. The memories that we have created together will live with me forever. Thank you."
Dustin Martin in the 2019 grand final against the Giants. (Michael Dodge/AAP PHOTOS)
Drafted at pick No.3 in the 2009 AFL draft, Martin debuted in round one, 2010 and never played in the reserves.
He won club best and fairests in 2016 and 2017 and was named All-Australian in 2016, 2017, 2018 and 2020.
Richmond chief executive Brendon Gale paid tribute to Martin, saying his biggest impact was the "joy" he gave fans.
"Three premierships and best on ground in each of them will always be his legend, and rightly, it, along with his unique aura, will be what he is best remembered for," Gale said.
"But I think Dustin would be most proud of what he was able to achieve playing for a team… for our team - and the magnificent role he was able to play within that system, which let him be every bit the footballing genius that he was always destined to be.
"That genius was most evident when the stakes were at their highest, when the crowd was at its loudest, when all eyes were on him, and when the moments needed a hero.
"Dustin did it his way, and we are all just so lucky to have been Richmond people during his era of dominance."
Dustin Martin kicks during the 2017 grand final win over Adelaide. (Julian Smith/AAP PHOTOS)
A bumper crowd of 92,311 turned out at the MCG in June for Martin's 300th game, despite the Tigers struggling (2-18) and heading towards collecting their first wooden spoon since 2004.
Martin's only interview during that week was with former Richmond teammate Jack Riewoldt after the game.
Dustin Martin salutes adoring fans at the MCG after his 300th game on June 15. (Joel Carrett/AAP PHOTOS)
"I've been so blessed over my whole career, it's been an unbelievable journey," he told Riewoldt on the ground.
"I really can't believe it. You (Richmond supporters) made me feel really special and loved.
"It means the absolute world to me and all the love I received this week."
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