The 35-year-old from Trois-Rivieres, Que., had 56 goals, 52 assists and 561 penalty minutes in 524 career games.
"Steve had a career marked with great diligence and effort," said Flames president of hockey operations Brian Burke. "On behalf of the Calgary Flames Organization and ownership group, I congratulate him on his 15 year NHL career and wish him success in his future endeavours."
Begin played 159 games with the Flames. He was in his second tour of duty with Calgary after suiting up for the Flames from 1997-2003.
Begin rejoined the Flames as free agent for the 2012-13 campaign after taking the prior season off due to a hip injury.
Following his return in the truncated 2012-13 season, Begin was nominated for the Bill Masterton Memorial Trophy by the Calgary Chapter of the Professional Hockey Writers' Association. The Masterton goes to the player who best exemplifies the qualities of perseverance, sportsmanship and dedication to hockey.
He once again attempted to continue his career with the Flames this season but decided on retirement after a re-occurrence of the hip injury during training camp.
Begin also played with the Montreal Canadiens, Dallas Stars, Boston Bruins and Nashville Predators.