The 36-year-old said his decision would take effect immediately which rules him out of the forthcoming Indian Premier League where he had been due to play for Mumbai Indians.
"Effective immediately, I am retiring from all forms of professional cricket," Symonds said in a statement.
"It is with regret that I will not be able to fulfil my final year of the IPL with the Mumbai Indians," added the England-born cricketer.
"Mumbai Indians and the IPL have both been very supportive of me, but the impending arrival of my first child is a priority."
Symonds, who featured in two World Cup winning squads, hasn't played for Australia since being sent home from the World Twenty20 in England three years ago.
He was also dropped in England in 2005 when he turned up for a one-dayer against Bangladesh in Cardiff while still under the influence of alcohol.
In 2008, he was involved in his biggest controversy when he accused India offspinner Harbhajan Singh of racially abusing him during the Sydney Test.
India's tour was almost called off as a result.
