The team announced the move Saturday.
The 35-year-old Murray, a 16-year veteran, has scored 337 goals with 314 assists in 1,009 regular season games. Murray was in his second stint with the Bruins and was their first-round pick in 1991. He's also played with the Los Angeles Kings and Pittsburgh Penguins.
Murray had 17 goals and 13 assists in 63 games with Boston last season.
The Bruins owed Murray $4.15 million for the upcoming season. The terms of the buyout were not immediately known. Following the buyout, Murray becomes an unrestricted free agent.