The 35-year-old, who has played for Chicago Fire since 2017, is among the most decorated German footballers, having won many titles with Germany's Bayern Munich and the national team over a 17-year professional career.
A midfielder, Schweinsteiger played for Bayern Munich from 2002 to 2015, winning eight league titles, seven German Cups and the 2013 Champions League with the dominant Bundesliga team.
He then had a brief stint at Manchester United from 2015-17 before joining Chicago Fire in the United States.
"Dear Fans, the time has now come, and I will be finishing my active career at the end of this season," Schweinsteiger said in a statement posted on social media.
"I would like to thank both, you and my teams @fcbayern, @ manchesterunited, @chicagofire and @dfb_team [German national team]. You made this unbelievable time possible for me!"
"Saying goodbye as an active player makes me feel a little nostalgic, but I am also looking forward to the exciting challenges that await me soon. I will remain faithful to football."
Schweinsteiger also earned 121 caps for Germany, scoring 24 goals and crowning his international career with the 2014 World Cup victory in Brazil.
