Gerrard, who turned 34 in May this year, captained England during a disappointing 2014 World Cup in which they crashed out of the tournament at the group stage.
The Anfield veteran, who made his debut for his country against Ukraine back in May 2000, represented the Three Lions 114 times and scored 21 goals.
"I have enjoyed every minute of representing my country and it is a sad day for me knowing that I won’t pull on the England shirt again," Gerrard told the FA's official website.
"However, I do look forward to continuing my strong relationship with The FA and helping out in any way I can going forward.
"I’d like to firstly thank my family and friends for all their support throughout my England journey.
"I’d also like to thank everyone who has been part of my international career, from the England managers I’ve played under to the staff at the FA and, of course, all the players I’ve been fortunate to play alongside.
"In particular, the supporters have been amazing, not least in Brazil when they got behind the team despite the disappointing results.
"I’d especially like to thank Roy [Hodgson], firstly for giving me the captaincy permanently when he took the job, making me the proudest man in the country and allowing me to fulfil my childhood dream.
"He has been very understanding over the past few weeks and is a man I will always hold in the highest regard.
"This has been a very difficult decision, one of the toughest I’ve had to make in my career. I have agonised over this since coming back from Brazil and have spoken to family, friends and people close to me in the game before coming to this point.
"Most importantly, Brendan [Rodgers, Liverpool manager] has been fantastic and obviously I have to look after my body as much as possible to ensure I can give everything when I take to the field.
"To ensure I can keep playing to a high level and giving everything to Liverpool football club I believe this is the right decision, and having Champions League football back at Anfield is another big factor in my decision."