Davis and White became the first Americans to win an Olympic ice dance title during the Sochi Games in February. They also won bronze in the new team event.
They decided to skip the World Championships in March.
"We're so grateful for the support we've received through this truly amazing year in our lives," Davis and White said. "Trying to stay in the present, we've decided not to look too far ahead regarding our competitive careers. We'll be taking the 2014-15 season away from competition. We will not make any further decisions until a later date."
The Michigan natives began their partnership 17 years ago and are the most- decorated ice dance team in American history, winning six U.S. titles, two World Championships (2011, 2013), five consecutive Grand Prix Final gold medals and a silver at the Vancouver Games in 2010.