She is the only woman from her country ever to win a grand slam tournament. She made the announcement one day shy of her 34th birthday.
"I have been away from the courts for quite some time now due to a serious injury to my Achilles tendon," Martinez said. "I have had a lot of time to think and have decided the best thing for me is to retire from singles competition. I am leaving open the slight possibility of playing doubles at some point in the future, depending on the status of my injury following surgery."
Martinez, who beat Martina Navratilova to take the Wimbledon crown in 1994, won 33 singles titles during 18 years on the WTA Tour.
2014: The Year in Music [PHOTOS]