Assistant coach Jon Scheyer, who played for the Blue Devils from 2006-10, will succeed Krzyzewski as the program's 20th head coach beginning in 2022-23.
"My family and I view today as a celebration," Krzyzewski said in a statement. "Our time at both West Point and Duke has been beyond amazing and we are thankful and honored to have led two college programs at world-class institutions for more than four decades. That, coupled with 11 unforgettable years as the United States National Team coach, has resulted in a remarkable journey.
"Certainly, I have been blessed to coach some of the finest young men and greatest players in basketball history as a direct result of these unique opportunities. For us, there is no greater joy than being part of our players' respective endeavors through basketball, and more importantly, their lives off the court."
Krzyzewski continued: "Our family is eternally grateful to everyone who contributed to our career for the past 46 years. So, to the countless members of our extended family, thank you very much."
Affectionately referred to as Coach K, Krzyzewski is the second-longest-tenured head coach in Division I men's basketball, behind only Syracuse's Jim Boeheim. The 74-year-old has led Duke to five NCAA championships, 12 Final Four appearances, and 15 ACC Tournament titles over his 41 seasons in charge.
Krzyzewski and Boeheim are the only two coaches with 1,000-plus wins on their resume, and the former tops the list with 1,170.
Along with his collegiate success, Krzyzewski coached Team USA to gold medals in the last three Summer Olympics. He also picked up a pair of gold medals at the FIBA World Cup in 2010 and 2014.
Krzyzewski started his coaching career as an assistant under Bob Knight at Indiana in 1974. The former United States Army officer returned to West Point a year later as the head coach and oversaw his alma mater for five seasons before heading to Duke in 1980.
Krzyzewski had the Blue Devils in the NCAA Tournament by his third season, and he made the finals in his sixth campaign. He won his first national championship in 1990-91 and successfully defended the throne the next year. The Hall of Famer captured his other NCAA titles in 2000-01, 2009-10, and 2014-15.
Known for his ability to develop talent earlier in his career, Krzyzewski adapted to the evolving landscape of college basketball and became arguably the top recruiter in the country in more recent years. His jewels over the last decade include Jabari Parker, Brandon Ingram, Jayson Tatum, Zion Williamson, and RJ Barrett.
Several NBA teams tried luring Krzyzewski from Duke at various points of his tenure, but he never bit.
Krzyzewski will enter his final season with a career record of 1,170-361 - good for a winning percentage of 76.5.