The decision comes five months after Muamba nearly lost his life when he had a cardiac arrest during an FA Cup match against Tottenham in March.
Muamba was taken to a hospital where doctors miraculously saved his life after his heart had stopped beating for 78 minutes.
His decision was announced on the club's official web site on Wednesday, where Muamba spoke about his retirement.
“Since suffering my heart attack and being discharged from hospital, I have remained utterly positive in the belief I could one day resume my playing career and play for Bolton Wanderers once again.
“As part of my on-going recovery, last week I travelled to Belgium to seek further medical advice from a leading cardiologist.
“But the news I received was obviously not what I had hoped it would be and it means I am now announcing my retirement from professional football.
He ended his statement by saying:
“I thank God that I am alive and I pay tribute once again to the members of the medical team who never gave up on me.
“I would also like to thank everyone who has supported me throughout my career, and the Bolton fans who have been incredible.
“I am blessed to have the support of my family and friends at this time.”
While this is a sad moment for the club and Muamba, the important thing is that he can live the rest of his life with his family and friends, knowing that he did accomplish his goal of being a professional footballer.
The risk of having more health problems on the pitch just isn't worth it. Muamba is just 24 years old and has much of his life left to live.
Hopefully, he stays connected to football in England because he is such a wonderful person and an inspiration to many.
Muamba arrived at Bolton in 2008 from Birmingham City, and started 118 Premier League games for the club.