One of only five players to reach the 400-game milestone, Burgoyne's decision ends a stellar 21-year career in the AFL.
An All-Australian in 2006, Burgoyne was a key contributor to both clubs' successes, playing 157 games with the Power and 249 with the Hawks.
In the club's announcement of Burgoyne's retirement, Hawks football boss thanked the 38-year-old for his service to the game.
“I know I speak on behalf of anyone and everyone that has crossed paths with Shaun over his football journey in saying that it has been an honour to work alongside a man of his character and skill,” McCartney said.
“He is the epitome of what we value at Hawthorn, with his immense commitment to family values whilst also possessing a relentlessness to constantly strive to get the best out of himself as well as those around him.
“He is an incredible father and husband and on behalf of the Hawthorn Football Club, I would like to wish Shaun, Amy and their four kids Ky, Leni, Percy and Nixie all the best in the next chapter of their lives.”
This weekend's match against Richmond will be Burgoyne's 407th and final game.