Buffon spent the final two years of his career at his first club, Parma, and made 19 appearances last season.
He still had a year left on his contract at Parma but fitness issues have seen him hang his gloves for good.
In a post on Twitter, Buffon wrote: “That’s all folks! You gave me everything. I gave you everything. We did it together.”
Buffon started his professional career with Parma, winning the Coppa Italia, Italian Super Cup and UEFA Cup before Juventus snapped him up for a then world record fee for a goalkeeper in the summer of 2001.
With the Old Lady, Buffon won 10 Serie A titles and five Coppa Italia trophies among numerous other honours across two spells before deciding to call it quits in Turin.
Buffon also spent the 2018/2019 season in France with Paris Saint Germain, winning the Ligue 1 title and Trophees des Champions.
Buffon won the FIFA World Cup with Italy in 2006, amassing 176 caps for the Azzurris.
"Thank you to our number 1. Grazie, Gigi!" the Italian national team tweeted.
Serie A posted: "There is football history. There is also Gigi Buffon. A fairytale career that took off and ended in one place."
Former PSG team-mate Kylian Mbappe, 24, tweeted: "It was a huge honour for me to have the chance to rub shoulders with you and cross paths with you in your legendary career.
"You are a golden man who gave me precious advice that I will keep with me for the rest of my life."
"A legend hangs up his gloves today," tweeted Juventus. "Your saves, your smiles, and your character will be forever remembered."
In a letter to the player, the Turin club added: "It is incredibly difficult to talk about football on a day when the beautiful game bids farewell to its number one par excellence.
"You were not simply the best; you were more than that. You gave the position a face and became THE goalkeeper to beat and aspire to be.
"You are the player that has worn our jersey for the longest and won the most trophies. You rank second in the all-time appearance charts and are, of course, the shot-stopper with the most clean sheets to his name. You were our captain and our rock. You were simply Gigi."
Parma president Kyle Krause said: "Throughout his illustrious career, which is unparalleled, Gigi has demonstrated unparalleled skill, relentless determination and unwavering passion on and off the pitch. Parma Calcio sends its heartfelt congratulations to a true champion and friend."
