In an announcement on his blog, Schilling wrote: "This party has officially ended. After being blessed to experience 23 years of playing professional baseball in front of the world's best fans in so many different places, it is with zero regrets that I am making my retirement official."
Schilling, 42, last pitched in 2007. He didn't pitch last season because of a shoulder injury that required surgery in June.
Schilling broke into the majors in 1988 with the Baltimore Orioles. He also played for Houston, Philadelphia and Arizona before ending his career with four seasons with the Boston Red Sox. While a member of the Red Sox, he helped Boston to the 2004 and 2007 World Series titles.
He also was on Arizona's 2001 World Series champion team, after which he and teammate Randy Johnson were voted co-most valuable players of the series.
Schilling posted a career record of 216-146, not counting an 11-2 post-season mark, with a 3.46 earned run average. He was a six-time all-star and was runner-up in Cy Young Award voting three times.