McAsey was granted personal leave from the club in November last year to return to his home state of Victoria to be with family.
The club confirmed on Monday that the 21-year-old has decided to call time on his AFL career, with McAsey thanking the club for their support over three years at West Lakes.
“Unfortunately, I have lost a lot of the enjoyment and desire to improve which is required to make it at the top level,” McAsey said in a club statement.
“It has been an extremely difficult decision to come to, and one that I haven't taken lightly, but through discussions with close friends and family, the Club and my management, I feel that it is the right decision for my long-term future and well-being.
“I am very grateful to the Club for their support and allowing me some time to reflect on where I want to be moving forward.
“There has been a large number of people who have worked very hard on my development as a player and person, and for that I'm highly appreciative.
“Not everyone will understand the decision, but I'm comfortable with the path that I'm headed, and am excited by the ability to pursue other interests.
“I will always be thankful to the Crows for giving me the opportunity to live out a boyhood dream, and I wish everyone at the Club the best for 2023 and beyond.”
McAsey played 10 matches for Adelaide after being taken with the sixth overall pick in the 2019 National Draft, with his last match coming in his debut season of 2020.