"Hi everybody, I'm going to make this short and sweet," said Fury in a video posted to Instagram.
"I'd like to announce my retirement from boxing, it's been a blast. I've loved every single minute of it.
"I'm going to end with this, Dick Turpin wore a mask. God bless everybody, see you on the other side."
Fury faced Usyk for the first time in Riyadh in May of the previous year, where he experienced his first professional loss by split decision, a result that awarded the Ukrainian the title of undisputed champion.
In December, Fury aimed to avenge this defeat in a rematch, but once again, Usyk claimed victory, this time by unanimous decision.
Fury expressed his frustration with the judges' scoring, believing he had performed well enough to secure a win, and remarked that Usyk had received a "bit of a Christmas gift from the judges."
When asked about his future plans following the bout in Saudi Arabia, Fury remained vague and non-committal.
"I’m having some time off," he said. "I might do, I might not. Who knows? We’ll talk about that next year."
The consecutive losses have fueled speculation regarding Fury's future, with a highly anticipated matchup against fellow Briton Joshua being suggested for 2025.
During The Ring Magazine Awards last week, Joshua expressed his support for the fight, stating, "It has to happen this year." Fury had initially declared his retirement in 2022 after defeating Dillian Whyte, but he reversed that decision, returning to the ring to secure a win against Derek Chisora in December of the same year.
He subsequently triumphed over Francis Ngannou by split decision in October 2023, before preparing for a double-header against Usyk the following year.
Fury's retirement marks the conclusion of a remarkable boxing career, during which he captured the WBA, IBF, WBO, and IBO heavyweight titles after dethroning Wladimir Klitschko, who had dominated the heavyweight scene for years, in 2015.
He later vacated these titles as he took a temporary hiatus from boxing, making his comeback in 2018 with a victory over Sefer Seferi.
His legendary career is highlighted by the thrilling trilogy against Deontay Wilder. Their initial encounter in 2018 resulted in a dramatic draw, followed by Fury's consecutive knockout wins in 2020 and 2021. Fury retires with a remarkable record of 34 wins and only two defeats, both against Usyk, and boasts an undefeated knockout record.