The 36-year-old became Britain's first Tour de France winner in 2012 and bows out with eight Olympic medals, including five golds, and seven world titles, across track and road cycling, to his name.
"I have been lucky enough to live a dream and fulfil my childhood aspiration of making a living and a career out of the sport I fell in love with at the age of 12," Wiggins said in a statement on the Facebook page of his Wiggins team.
"I've met my idols and ridden with and alongside the best for 20 years. I have worked with the world's best coaches and managers, who I will always be grateful to for their support."
Wiggins, nicknamed 'Wiggo', is Britain's most decorated Olympian and the only cyclist to have won world and Olympic gold medals on both track and road.
His other achievements include the world track hour record, set in June 2015, and wearing the leader's jersey in each of the three Grand Tour. He also jointly holds the world record in the team pursuit.
His finest hour came in 2012, when he followed up Tour de France success by winning time-trial gold at the 2012 Olympics in his home city of London.
"What will stick with me forever is the support and love from the public though thick and thin, all as a result of riding a pushbike for a living," Wiggins added.
"2012 blew my mind and was a gas. Cycling has given me everything and I couldn't have done it without the support of my wonderful wife Cath and our amazing kids.
"2016 is the end of the road for this chapter, onwards and upwards, 'feet on the ground, head in the clouds' kids from Kilburn don't win Olympic Golds and Tour de Frances'! They do now."
Wiggins's statement was accompanied by a photograph of his medals and former team jerseys.
Born in Ghent, Belgium to an Australian cyclist father, Gary, and a British mother, Linda, Wiggins was raised in Kilburn, northwest London and would become an icon of British sport.
His 'mod' sideburns and irreverent public pronouncements made him a beloved figure and he was knighted by Queen Elizabeth II -- making him Sir Bradley -- in 2013.
He bowed out at the Six Day of Ghent, city of his birth, last month, having taken his tally of Olympic gold medals to five with victory in the team pursuit at the Rio de Janeiro Games.
But the final months of his career have been overshadowed by whispers about shady practices during his time with Team Sky, which coincided with the most successful period of his career.
It was revealed in September that he obtained therapeutic use exemptions for the banned substance triamcinolone shortly before the 2011 and 2012 Tours de France and the 2013 Giro d'Italia.
He has denied wrongdoing and there is no suggestion he has broken any rules, but UK Anti-Doping is investigating.
Bradley Wiggins factfile:
Factfile on British cycling great Bradley Wiggins, who announced his retirement on Wednesday:
Name: Bradley Marc Wiggins
Date of birth: April 28, 1980 (Age: 36)
Place of birth: Ghent, Belgium
Discipline: road and track
Teams: Linda McCartney Racing Team (GBR/2001), Francaise des Jeux (FRA/2002-2003), Credit Agricole (FRA/2004-2005), Cofidis (FRA/2006-2007), Team High Road (USA/2008), Garmin–Slipstream (USA/2009), Team Sky (GBR/2010-2015), WIGGINS (GBR/2015-2016)
Stage race wins
Tour de France: 2012
Criterium du Dauphine: 2011, 2012
Tour de Romandie: 2012
Tour of Britain: 2013
Tour of California: 2014
Gold medals: 5 (2004 individual pursuit, 2008 team pursuit, 2008 individual pursuit, 2012 time-trial, 2016 team pursuit)
Silver medals: 1 (2004 team pursuit)
Bronze medals: 2 (2000 team pursuit, 2004 Madison)
Road World Championships record
Gold medals: 1 (2014 time-trial)
Silver medals: 2 (2011 time-trial, 2013 time-trial)
Track World Championships record
Gold medals: 7 (2003 individual pursuit, 2007 individual pursuit, 2007 team pursuit, 2008 individual pursuit, 2008 team pursuit, 2008 Madison, 2016 Madison)
Silver medals: 4 (2000 team pursuit, 2001 team pursuit, 2013 team pursuit, 2016 team pursuit)
Bronze medals: 1 (2002 team pursuit)
BBC Sports Personality of the Year: 2012
Velo d'Or (Cyclist of the Year): 2012
World hour record on the track (54.526 kilometres): 2015
Officer of the British Empire: 2005
Commander of the British Empire: 2009
Knighted for services to sport: 2013