"I'm ready for the next chapter," Veith said in the opening remarks of her statement on social media.
"My heart and head are telling me it's time to do something new. And so, I have decided to retire from ski racing."
Veith's decorated racing career also includes five World Championship medals (three golds) and two Olympic silver medals. She finished second in the giant slalom in the 2014 Olympics before landing the silver in the Super-G in the 2018 Winter Games.
The 30-year-old has also won 15 World Cup races and two overall world titles (2014 and 2015).
Per Eric Willemsen of the Associated Press (h/t the Seattle Times), Veith also announced her retirement live on Austrian television Saturday.
"It was not a difficult decision," Veith said. "For me it feels 100 percent right."
Veith overcame serious knee injuries that included a torn right ACL in 2015 and left knee issues that cut her 2016 season short. That didn't stop her from enjoying more success, however, as she won a Super-G race during the 2017 World Cup season before earning an Olympic silver medal two months later.
Veith suffered another torn right ACL in 2019, but she still registered two top-10 results in 11 starts during the World Cup season.
However, the injuries took their toll, which Veith mentioned, per Willemsen.
"The body told me how much training was possible. I missed a lot of training days," she said. "I still liked to race, but the real motivation was lacking after [the 2018 Olympics]."
Veith is also a three-time winner of the Austrian Sports Personality of the Year award, having earned the honor from 2013 to 2015.