Martin rushed for a career-low 406 rushing yards last season and has been limited to 827 over the last two campaigns after erupting for 1,402 in 2015.
The Buccaneers will save $6.75 million on the salary cap by releasing the 29-year-old Martin, who was informed of the move by general manager Jason Licht.
Martin burst on the scene after Tampa Bay selected him with the 31st overall pick of the 2012 NFL Draft. He rushed for 1,454 yards, amassed 12 total touchdowns and added 49 receptions for 472 receiving yards, with all four totals serving as career highs.
The 29-year-old bounced back from a pair of down seasons with a strong 2015 campaign, amassing 1,402 yards and seven total touchdowns. The Buccaneers responded by handing him a five-year, $37.75 million extension with $15 million in guaranteed money.
Martin received a four-game suspension for violating the NFL's performance-enhancing drug policy at the end of the 2016 season. He struggled to get untracked and was benched in favor of Peyton Barber in December.
In his career, Martin has 4,633 rushing yards and 1,091 receiving yards with 28 total touchdowns (26 rushing, two receiving).