Maier, 36, nicknamed the "Herminator," had a series of injuries and health issues, including knee surgery in March. He recently returned to training on the ski slopes.
"My body is surprisingly good," Maier said. "(But) after a few days of consideration, I have come to the decision to draw a line and finish my career as a skier."
Maier was favored to win the downhill at the 1998 Nagano Winter Olympics but crashed in that event. However, he did win the giant slalom and Super-G later in those Games.
He missed the 2002 Olympics because of a motorcycle accident the previous fall but won a silver medal in the Super-G and a bronze in the giant slalom in the 2006 Games.
Maier was declared overall World Cup champion in 1998, 2000, 2001 and 2004 and amassed 54 World Cup race victories.