The 33-year-old, who won the World Cup with Germany in 2003 and 2007 and played in the United States for the Carolina Courage, was voted the world's best player three years in a row from 2003.
"After 25 years the moment has come to end my career as a player. It is not an easy decision but the moment is right," said Prinz, who won 214 caps and scored 128 goals since her debut in 1994.
Her last appearance came during this year's World Cup in Germany in a 1-0 group stage win over Nigeria.
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