He made the announcement Wednesday in Miami.
"After 15 years of doing this and 13 here in Miami this will be my last game as a Miami Dolphin and as a professional football player," Taylor said at a news conference. "So I look forward to enjoying this week and soaking it all in for the next few days, but we have a game left to play, so while there will be a time for thank yous and good-byes and all that, this is not the time."
Dolphins owner Stephen Ross said Taylor exemplifies what it means to be a professional athlete and a role model.
"While he may be retiring as a player, he will always remain an integral part of the Dolphin family, contributing to the team and the community he has grown to love," Ross said in a statement. "We congratulate him for all he has done, and we are looking forward to continuing to work with him as he begins the next chapter of his life."