The Garryowen clubman made his Ireland debut against the USA back in 2000 and went on to win a total of 72 caps, scoring 60 points in the process. He won a Grand Slam with Ireland in 2009.
He toured twice as a British & Irish Lions player (2001 and 2009) and was part of the first set of three brothers, along with Richie and Paul, to play for the world famous touring side.
He was also named as a member of the ERC European Dream Team - the best fifteen players of European club competitions covering 1995 to 2010 - along with his Munster colleagues Ronan O'Gara and Anthony Foley.
The 35-year-old back rower won the last of his 203 Munster caps in the Heineken Cup quarter-final against Ulster last month.
He won the first of those caps in the Interprovincial Championship game against Connacht in August 1997 at the Sportsground and quickly established himself in the first team.
Wallace made his European debut in September 1998, played in all nine Munster games in the run through to the 2000 final where he scored the only try of the game. He also won a runners-up medal in 2002 and two prized winners' medals in 2006 and 2008.
Speaking today, Wallace said: "Although it's disappointing that injury is forcing me to retire now, I take great comfort in that I've had an unbelievably enjoyable career.
"I feel very lucky to have been involved in an era that has seen Munster and Ireland enjoy so much success.
"Professional rugby has exploded in popularity and changed beyond all recognition in this country since I began and I feel honored to have played witness to it's massive improvement."
He added: "I'd like to thank anyone who has helped me and had faith in me during my 15-year professional career including family, team-mates, coaches, medics, friends and not least the supporters.
"I will be looking to step away from rugby and explore a few different business opportunities while also looking forward to being able to spend more time with my wife Aileen and sons Andrew and Harvey."
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