"I have always pushed the limits of ski racing and it has allowed me to have amazing success but also dramatic crashes," Vonn said, summarizing a storied career.
Ahead of her planned retirement after Sunday's downhill race, Vonn was treated by medical personnel after crashing Tuesday and skied down the hill.
Writing on Instagram, Vonn said "it’s been an emotional 2 weeks making the hardest decision of my life, but I have accepted that I cannot continue ski racing."
Vonn had finished no better than ninth in three races on her season debut in Cortina after missing the first few months of the season because of a knee injury.
Vonn has left everyone guessing over her next move after announcing on Sunday that she was considering immediate retirement because of severe pain in both of her knees.
“It was one of my big goals to win in every discipline when I first started racing — one of those goals that you don’t think you are ever going to achieve,” the 23-year-old Shiffrin said.
Her firm retirement plans changed when she hyperextended and sprained a ligament in her knee during a training crash on Nov. 19.
The 34-year-old ski racer enters the season with 82 World Cup victories, leaving her five away from breaking the record held by Ingemar Stenmark of Sweden.