The 34-year-old Crusaders player/manager will continue in a managerial capacity after admitting he needs to prioritise.
In a statement on Herring's personal Twitter account, he wrote: "A week before my 35th birthday it's time to officially hang my boots up!
"I picked up an injury last night, I have a little on on the way and I'm self-employed so have to put my family first.
"I've met some amazing people in a game I truly love and will be forever thankful.
"The game has given me so much and whilst I still have the privilege of managing a group of young men, it'll never replace that feeling of crossing the white line.
"Thanks for the memories, Spud."
Herring also thanked the clubs he's played for which include Swindon Town, Salisbury City and Forest Green Rovers.