Offensive coordinator Ryan Day will take over as head coach. Day filled in for Meyer while the latter served his three-game suspension to start this season.
Meyer called his decision "a result of cumulative events," per Stewart Mandel of the Athletic.
"Urban not only exceeded expectations, but he also raised the level of the entire Big Ten," athletic director Gene Smith told reporters on Tuesday, via Yahoo Sports' Pete Thamel. Smith also said Meyer will work in a "new capacity" in the Athletic Department.
Reports surfaced in recent weeks that the three-time Big Ten champion would step down following the season. The 54-year-old's health has attracted a great deal of attention, as he's looked more worn out on the sideline each week. Health concerns also contributed to Meyer's departure from Florida at the end of the 2010 season.
When asked whether he's finished coaching, Meyer originally told reporters "that's a complicated question," according to FOX Sports' Bruce Feldman, but later retracted, saying "I believe I will not coach again."
He'll now retire as one of the premier coaches of his generation. Meyer joined Ohio State in 2012 and has accumulated an 82-9 record with two conference titles and one national championship. His 90.1 win percentage is the best in program history.
The Toledo, Ohio, native captured two additional national titles with the Gators during the 2006 and '08 seasons. He also coached Bowling Green and Utah, leading the Utes to an undefeated season and a Fiesta Bowl victory in 2004 before being hired at Florida.
Overall, Meyer owns an incredible 186-32 career head coaching record, along with an 11-3 mark in bowl games.