Hart, who skippered the club on 38 occasions, follows Steve Thompson, Dan Ward Smith, Joe Worsley and Tom Rees in hanging up his boots after failing to recover from a shoulder injury.
The 30-year-old made 165 appearances since making his club debut in 2003, winning two Premiership and two Heineken Cup titles.
However, Hart damaged his knee ligaments back in December and although he attempted to make a comeback against Northampton in March the back-rower aggravated a shoulder problem.
"I'm really disappointed to bow out this way but the decision was taken out of my hands unfortunately," he said.
"I had hoped I would be able to carry on to the end of the season but after the game against Northampton it was clear that I wouldn't be able to.
"I've had great support from the club in this matter and I want to thank everyone for that through a difficult time. London Wasps has been my only club and I have been honoured to be part of the side of over a decade.
"I will look back on my time with the club with great pride and always know how privileged I was to win Premiership and Heineken Cup titles.
"I want to thank my family for all their support over the years and of course everyone at the club and all of the supporters for everything."
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