McCarty, 37, won four Stanley Cups with the Red Wings -- 1997, 1998, 2002, 2008 -- and played in 758 regular-season games, scoring 127 goals, 288 points and 1,477 penalty minutes.
McCarty scored the Stanley Cup-winning goal in 1997 against the Philadelphia Flyers, ending the Red Wings' 42-year-old Stanley Cup drought.
"I'm very proud to have played for as long as I did, with so many great teammates and to have been a part of all those strong teams, especially the four Stanley Cup-winning teams in Detroit," McCarty said in a statement released by the NHL Players' Association. "Playing with and against the best players in the world for the past 15 years has been an amazing experience. I'd like to thank my family, teammates, coaches, the Red Wings and Flames organizations, and the fans for helping me realize my dreams.
"It was a great ride. I appreciate what the game has given me and I'm happy with what I was able to accomplish as a hockey player, but now I'm excited for the next chapter," McCarty said.