In addition to Boeheim's announcement, the school also said Daryl Gross, who has served as Syracuse's athletic director for 10 years, has resigned. Gross will remain with the university in another capacity.
Syracuse Chancellor Kenty Syverud said Boeheim has decided to retire in order to "bring certainty to the team and program in the coming years" and to allow for a smooth transition.
Pete Salas will serve as interim athletic director.
The announcements come 12 days after the NCAA placed sanctions on Syracuse for a wide range of infractions involving the men's basketball and football teams dating back to 2001. Boeheim was suspended nine games and the men's basketball and football programs were placed under probation for five years. The men's basketball team also has been forced to vacate 108 wins and will see a reduction in scholarships.
Boeheim, 70, will serve his suspension next season.
Last week, Boeheim spoke about the sanctions for the first time during a team banquet and said he was planning stay at Syracuse for the foreseeable future.
"I came here in 1962," a choked-up Boeheim told a crowd of 700 fans, according to Syracuse.com. "I'm not going anywhere."
Boeheim, a former Syracuse player who became head coach in 1976, said in a statement on March 6 that he was disappointed with the NCAA's ruling.
"The committee chose to ignore the efforts which I have undertaken over the past 37 years to promote an atmosphere of compliance within the men's basketball program," he wrote.
The Associated Press contributed to this report.