The 27-year-old's 10-metre platform triumph at Beijing's Water Cube prevented a host nation sweep of the diving golds at the 2008 Olympics but he was unable to reach the final four years later in London.
"I don't feel there is anything unfinished with my diving career and I have goals in other areas now that require the same commitment that I have given to sport over all these years," he said in an Australian Olympic Committee news release.
"I have achieved everything I hoped for, including the big three of Olympic gold in 2008, world number one in 2010, and Commonwealth gold in 2014."
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Mitcham is hoping to forge a career in media and entertainment.
(Reporting by Nick Mulvenney, editing by Greg Stutchbury)
