In all, the 36 year old played three Test, 75 ODIs and 50 T20Is in his international career.
"To retire from international cricket is always a tough call, but I feel now is the right time to step away," Rankin said in a statement.
"I have put my heart and soul into playing cricket professionally since 2003 and have loved every minute of it. I never dreamt I would play for Ireland as much as I did and to travel the world playing in numerous World Cups and to pull on the Irish jersey is something I will never forget," he added.
Rankin also had a long and storied career in the County Championship, and reflected fondly upon his stint with Warwickshire.
"To have also a long career in county cricket especially during my 11-year stint with Warwickshire where we won the County Championship, 50-over competition twice and the T20 Blast in 2014 was very special and something I am very grateful for," he said.
Ireland men's head coach Graham Ford paid tribute to Rankin, and lauded his professionalism.
"Unfortunately Father Time catches up with all cricketers. Sadly it is now Boyd's time, but he can be so proud of his brilliant career and all of what he has achieved in the game,'' Ford said.
"During my involvement with Cricket Ireland, he has been an ultimate professional, shown great courage while bowling through body niggles and put in many high impact performances. I sincerely wish him a highly successful and exciting next life chapter,'' he said. (UNI)