The 36-year-old shooting guard made the announcement on Sunday by posting a video on YouTube. Wade averaged 12 points, 3.4 rebounds and 3.1 assists per game last season for the Heat. The 12-time All-Star returned to Miami after playing 46 games with the Cleveland Cavaliers at the start of the 2017-18 season. He was traded back to the Heat in February.
Wade first joined the Heat as the No. 5 overall pick in the 2003 NBA Draft. He played his first 13 seasons in Miami before signing with the Chicago Bulls in 2016. Wade won three titles with the Heat before joining the Bulls.
"It has been a tough summer," Wade said. "This has been a summer for me where not a lot of athletes want to see this time come. Where you have to decide if you want to continue to play the game that you love. Continue to play the game that you've played -- for me, 31 years, since I was five -- or you want to walk away."
Wade discussed the death of his longtime agent Henry Thomas and how that played a role in the decision to return for another season.
"I feel it's right to ask you guys to join me for one last dance, for one last season," Wade said. "This is it. I've given this game everything that I have and I'm happy about that. And I'm going to give it for one last season, everything else I have left. And when I walk away, I'm still going to love it. I'm still going to want to play it. I'm still going to miss the playoff moments. I'm still going to miss the crowd cheering my name. I'm still going to miss 20,000 booing for me."
"But I ask y'all, let's enjoy it. Let's have some joy through this last season. Let's push this young team over the hump. Let's write our own story to the end of this career, together."
The Heat begin the 2018 regular season with a game against the Orlando Magic at 7 p.m. on Oct. 17 at the Amway Center in Orlando.