Raonic, who is ranked sixth on the ATP Tour, underwent surgery eight days ago to repair a pinched nerve in his right foot suffered at the Madrid Open. The injury forced him to miss last week's tournament in Rome.
The French Open begins on Sunday.
"I am sad to have to unfortunately withdraw from Roland-Garros this year," Raonic said on his Twitter account. "I tried my best to be back and healthy in time after surgery. I will continue my rehab and proceed with preparations for a 100 per cent strong Wimbledon and Queens run."
The 24-year-old from Thornhill, Ont., reached the quarter-finals at the French Open last year before falling to Novak Djokovic.