The 37-year-old defenseman played 870 NHL games over 14 seasons for the New Jersey Devils, Pittsburgh Penguins and San Jose Sharks.
His team made the Stanley Cup Playoffs in each of his 14 seasons.
"There's no doubt, I'll miss hockey," Martin told The Athletic. "You'll always miss it because you'll never get that feeling back of being able to do something you love in front of people. I love the game and I think it will always be a part of me. And I'll be part of it again, maybe with kids and some youth programs. ... I'll see what I can do to help them out. That'd be fun, I think."
Martin played 14 games for the Sharks last season. The announcement was made by the University of Minnesota, where Martin played collegiately.
"Oh my God, he was the best," Sharks teammate Alex Stalock told the website. "If you have 20 Paul Martins in your locker room, I think you're doing something right. He was truly special. He's loved in every locker room."
A second-round pick (No. 62) by New Jersey in the 2000 NHL Draft, Martin made his NHL debut Oct. 8, 2003. He had his NHL career high of 37 points (five goals, 32 assists) in 2005-06 for the Devils.
"Great, great professional. Probably one of those most generous and down to earth people you'll ever meet," Devils teammate Zach Parise said. "Such a good, good guy."