The 35-year-old defenseman, who won the Stanley Cup with the Pittsburgh Penguins in 2016, announced his decision during a segment as a guest analyst on NHL Network.
"I'm very done," Lovejoy said. "I'm very proud of my career, very honored to have played for so long. It couldn't have gone any better. It was a childhood dream come true. But it was hard. … I wasn't good enough to just lace up the skates and go play. I had to make it a lifestyle, and I feel like about a million-pound weight is off my shoulders right now. I'm really, really excited to be done."
Lovejoy had nine points (two goals, seven assists) in 71 games with the New Jersey Devils and Dallas Stars last season, and one assist in 13 Stanley Cup Playoff games with the Stars.
Undrafted, Lovejoy signed with the Penguins as a free agent on July 7, 2008. He had 101 points (20 goals, 81 assists) in 544 regular-season games with the Penguins, Anaheim Ducks, Devils and Stars.
He had 16 points (five goals, 11 assists) in 76 playoff games, including six points (two goals, four assists) in 24 games in 2016 to help Pittsburgh win the Cup.
"He cares about his family, the game, his teammates, and what's best for Ben was always last on the list," said Devils general manager Ray Shero, who was GM of the Penguins from 2006-14 and said he signed Lovejoy to his first NHL contract. "A true professional."
NHL.com staff writer Mike G. Morreale contributed to this report