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Published 10:42 4 Aug 2017 BST
Updated 11:30 4 Aug 2017 BST
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"I deliberately took a few weeks to make my decision, to make sure I had enough distance from the fight at Wembley Stadium. As an amateur and a professional boxer, I have achieved everything I dreamed of, and now I want to start my second career after sports. I would have never imagined that I would have such a long and incredibly successful boxing career. I'm very thankful for this. Thanks to everyone who has always supported me. Especially my family, my team and my many fans."
He may have lost his last bout, when Joshua stopped him in the 11th round at Wembley Stadium, but Klitschko walks away from the sport with his head held high, especially after proving many wrong with his performance on the night.
Klitschko and Joshua also proved that boxers don't need to engage in trash talk to sell a fight. The respect between them was obvious from the time the fight was announced, and the 41-year-old has effectively passed the torch to Joshua with a really classy message.
He tweeted on Friday:
"My heart is at peace as I pass the torch to Anthony Joshua - the next generation. Good luck little bro, I'm proud of you!"https://twitter.com/Klitschko/status/893369832946761728 People were impressed with Klitschko's message to Joshua. https://twitter.com/Mathieson83/status/893370358056624128 https://twitter.com/LukeyRoberts/status/893371187396587520 https://twitter.com/jamesianosborne/status/893371741401214976 https://twitter.com/artyb82/status/893370920479444993 https://twitter.com/OfficerJxn/status/893370786353950720 https://twitter.com/grizzly1479/status/893374540474179585 https://twitter.com/scott86leeds/status/893370066091352064 https://twitter.com/blondiesaint/status/893371465634119680 https://twitter.com/nattystevenson1/status/893371871101689857 https://twitter.com/KcKelani/status/893380072907919360
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