The 40-year-old forward from Flint, Mich., did not play this season after splitting time with the New York Islanders and Boston in 2011-12.
As a rookie, he helped the Devils win the Cup in the 1994-95 season. He also played for Colorado and Minnesota and completed his career with 342 goals, 419 assists and 761 points. His top offensive season was 2005-06 with the Wild -- 34 goals and 45 assists.
"Getting the chance to play the game I love for 17 years has truly been a dream come true," Rolston said in a statement. "My career has taken me to many great places where I had the privilege to play with some exceptional teammates and in the best league in the world.
"The memories of all my experiences will certainly stick with me for the rest of my life. I am grateful for the overwhelming support of my friends, family and fans throughout my career."
Rolston also played for the U.S. at three Winter Olympics, two World Cup of Hockey tournaments and one world championship.