Wood, who played 14 years in the major leagues, was the 1998 National League rookie of the year for the Cubs. He made an immediate splash by striking out 20 batters in a May 6, 1998, game, tying Roger Clemens' major-league record.
The 34-year-old right-hander went on to compile an 86-75 record with a 3.67 ERA and 63 saves over 446 games (178 starts) with the Cubs, Indians and Yankees.
During the ceremony, Wood thanked his wife Sarah and his father as well as former managers Jim Riggleman and Dusty Baker.
He credited the late Cubs third baseman and broadcaster Ron Santo with "teaching me what it meant to be a Cub."
Wood made his final appearance Friday in a 3-2 loss to the White Sox, striking out Dayan Viciedo on three pitches.
"There are tremendous things happening here on the North Side with this staff and this management," Wood said Saturday. "I'm excited for the future and I'm excited to watch what these guys are going to be capable of doing."