In a press release on Tuesday morning, Martin said he was forever grateful for the opportunities the club gave him, including three premierships.
"It is hard to put into words what the Richmond Football Club means to me, I love this place so much," Martin said.
"I will be forever grateful for the love and the support I have received from the here.
"To my teammates, the brotherhood that we all share is what I value most, as well as the bond with the staff and coaches … thank you to all of you.
"To my family and friends, thank you for your unconditional love and support.
"To the Tiger Army, I have always felt loved and supported throughout my career, and for that, I will be forever grateful. The memories that we have created together will live with me forever. Thank you."
The Tigers champion announced his retirement around half-an-hour before fellow AFL 300+ gamer, Tom Hawkins, revealed he would finish-up at season's end.
Unlike most retirement announcements involving high-profile players, no press conference opportunity was listed on Richmond's release, meaning it is unlikely Martin will speak to media his retirement.
Martin's manager, Ralph Carr, labelled his client "the 's champion" in a post on social media, stating his client "exemplifies loyalty and excellence in AFL".
"His dedication fo the RFC and fans was and is unquestionable ... love you my friend," Carr posted.
Martin, 33, played game 302 on the weekend in Richmond's 13-point loss to North Melbourne, as the Tigers moved to the bottom of the ladder.
An unstoppable force on the field, the number three pick in the 2009 national draft went on to forge a career that few could match, winning three premierships with the Tigers and claiming the Norm Smith Medal for best on the field in all three games.
No other player has the honour more than twice, with Hawthorn greats Luke Hodge and Gary Ayres, and Adelaide legend Andrew McLeod claiming two each.
Martin also won the Brownlow Medal in 2017, and was named an All-Australian four times.
"So much has been said Dustin's impact on our club and the competition, but more than anything, and put simply, I think it is the joy that he gave the Tiger Army and those around him that might mean the most," Richmond CEO Brendon Gale said.
"Three premierships and best on ground in each of them will always be his legend, and rightly, it, along with his unique aura, will be what he is best remembered for.
"But I think Dustin would be most proud of what he was able to achieve playing for a team — for our team — and the magnificent role he was able to play within that system, which let him be every bit the footballing genius that he was always destined to be.
"That genius was most evident when the stakes were at their highest, when the crowd was at its loudest, when all eyes were on him, and when the moments needed a hero.
"Dustin did it his way, and we are all just so lucky to have been Richmond during his era of dominance. So, all I can say on behalf of everyone associated with our great club is thank you to an icon. To our icon."
Former Collingwood coach Nathan Buckley told Melbourne radio station SEN that Martin's sudden announcement was a 'celebration opportunity'.
"I’m so glad we got the 300 (game milestone) and that he was able to absorb all of that and let all of that in because he’s been so stoic externally," Buckley said.
"In many ways he’s kept himself fiercely private, which I’ve loved from afar.
"What he’s done on the field ... and what he was able to do with his team and club in Richmond over a long period of time was profound.
"He's done everything there is to do in the game.
We acknowledge Aboriginal and Torres Strait Islander s as the First Australians and Traditional Custodians of the lands where we live, learn, and work.
This service may include material from Agence France-Presse (AFP), APTN, , AAP, CNN and the BBC World Service which is copyright and cannot be reproduced.
