"I think it's only fitting for me to leave the game, to move on with my life and to retire as a Dallas Cowboy," Smith said at a news conference at Jacksonville, Fla., the site of Sunday's Super Bowl.
Smith signed a ceremonial contract with Dallas, allowing him to retire as a Cowboy.
The 35-year-old star played 13 years for Dallas and the past two for Arizona.
During his 15-year career, Smith, 35, was a three-time Super Bowl winner with Dallas and an eight-time Pro Bowl selection.
His career totals include 18,355 rushing yards and 164 rushing touchdowns. He broke Walter Payton's all-time rushing record in 2002, and was named MVP of the league and the Super Bowl in 1993.