Posting a video on her website, she said: "By definition, to retire means to withdraw from one profession, and I’m a skier and I will always be skier", before adding: "However it is with a really heavy, but happy and proud heart, that I relinquish my role as a ski racer."
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Britain’s number one ski racer, Chemmy has competed in four Winter Olympic games, most recently in Sochi, Russia.
An ambassador for skiing in the UK, she disclosed that she knew it was time to leave the sport because she felt it physically and mentally.
"When you talk to past athletes and you ask them when they knew it was time to leave their sport, most of them say if you’re honest with yourself you just know when the right time is. And now is my time", said Chemmy.
The 31-year-old Alpine skier teared up at times during the emotional video which was shot on the slopes.
After breaking her leg at the beginning of the season in 2013, she decided to focus on the Sochi Olympics only.
Chemmy Alcott on the slopes in Sochi, 2014
"Looking back to how I managed to turn around a 91st position in the Europa Cup to a 19th at the Olympics, makes me immensely proud," Chemmy revealed in the video.
An Olympic torchbearer for the 2012 London Summer Olympics, she described it as "an amazing honour and privilege".
In the video she went on to add: "It is my intention to take some time off over the summer, enjoy my forthcoming wedding to Dougie and return next season to the Alpine Racing World to use my wealth of experience to help other athletes."
"Looking back at my career I am incredibly proud that I have had the guts and mental strength to overcome the odds and compete for my country, I look forward to mentoring others and to continuing my charity and TV work, particularly in the challenging field of adventure – my future is bright."