The 37-year-old, who is in his 166th Test, is the equal fifth-most capped Test player in history alongside South African all-rounder Jacques Kallis, and behind Indian star Sachin Tendulkar (200 Tests), teammate James Anderson (182 Tests), and Australian duo Ricky Ponting and Steve Waugh (both 168 Tests).
Broad, who has long been an Ashes villain in Australian fans' eyes, has taken a staggering 600 Test wickets at an average of 27.68 prior to the final innings of his career, which will kick off sometime on Day 4 in London as England look to tie the Ashes series.
A solid batsman earlier in his career as well, Broad will go down as part of one of the greatest opening bowling pairings the game has ever seen alongside James Anderson.
It's believed that Anderson and former captain Joe Root were the first players told of Broad's decision after captain Ben Stokes.
Speaking on Sky Sports after Day 3, Broad said he had only made the decision at about 8:30pm after Day 2 in the Test, where England will be defending a heavy lead in the fourth innings.
"It's been a wonderful ride, a huge privilege to wear the Nottinghamshire and the England badge as much as I have," Broad said.
"And I'm loving cricket as much as I ever have. It's been such a wonderful series to be a part of, and I've always wanted to finish at the top. And this series just feels like it's been one of the most enjoyable and entertaining I've been a part of.
"I've been thinking about it for a while, a few weeks.
"England vs Australia has always been the pinnacle for me - I have loved the battles with Australia that have come my way and the team's way, I have a love affair with Ashes and I think I wanted my last bat and bowl to be in Ashes cricket.
"I told Stokesy [Ben Stokes] last night and told the changing room this morning and, to be honest, it just felt the right time and I didn't want friends or Nottinghamshire team-mates to see things that might come out, so I prefer to just say it now, and just give it a good crack for the last Australia innings.
"I have thought a lot about it, and even up till 8pm last night, I was 50/50. But when I went up to Stokesy's room and told him, I have felt really happy since and content with everything I have achieved."
The ECB commended Broad for his career, which, alongside his Test wickets has seen 178 ODI wickets in 121 games and 65 T20I wickets in 56 games for a total of well over 800 international wickets in all formats.
ECB CEO Richard Gould said Broad will go down as one of the nation's all-time greats.
“Stuart Broad is quite simply one of England's all-time greats. One of the game's fiercest competitors, it is fitting that he should choose to retire from the game at the culmination of such a closely contested and exciting Ashes series," Gould said in a statement.
“England's greatest Ashes wicket taker has complemented his outstanding achievements with the ball with his passion for team and country. He has produced so many memorable performances on the biggest stage, and his 8-15 at Trent Bridge will forever be one of the great Ashes bowling spells. I very much doubt we will see the likes of Stuart or Jimmy Anderson again.
“To not only represent your country for 17 consecutive years but to be at the top of your game and amongst the world's best for almost two decades is remarkable.
“He is a true leviathan of the game and we cannot thank him enough for his outstanding service. We wish him and his family all the best for whatever comes next.”