Payne, 28, declared he has decided to pursue off-field commercial opportunities after playing a total of 131 matches, including 43 for the Bulldogs.
He made his debut for St George Illawarra in 2005 and went on to make 47 appearances for the Dragons and then 41 for the Wests Tigers.
Payne has also had success in his life away from league, most notably being named the 2013 NSW Young Australian of the Year.
He was awarded a prestigious Churchill Fellowship to allow him to travel overseas to pursue academic opportunities.
Payne, who also has a Bachelor of Commerce from the University of Sydney (Accounting and Commercial Law) which he completed in 2007, says the time was right for him to step away from the NRL to broaden his horizons.
“Growing up as a Bulldogs supporter and a local junior I always dreamt of playing first grade for the club,” Payne said.
“To say that I have been a member of two Jersey Flegg premiership sides, a winning NSW Cup side and to play in an NRL grand final all for the Bulldogs is quite unbelievable.
“The Bulldogs club has always been a big part of my life and I would like to thank them as well as the Wests Tigers and St George Illawarra Dragons for all the opportunities they have provided me and acknowledge all the players, coaches and staff members that I have been associated with over the past 14-15 years.
“2013 will be a year where I finish my Master of Commerce at the University of Sydney, complete a Churchill Fellowship, maintain the positive momentum of the Future Direction Network which assists disadvantaged students reach their academic potential at university and carry out the responsibility of being NSW Young Australian of the Year.
“I intend studying for an MBA abroad in 2014 and transition to a business career which I hope is as challenging and rewarding as my rugby league career has been.
“I would also like to make special note of the support, encouragement and sacrifices my mother and father have made in helping me achieve so much through the sport of rugby league.”
Canterbury chief executive Todd Greenberg said he admired Payne's maturity and declared the back rower would be welcome back at the Bulldogs any time.
“Corey has a very wise head on his shoulders and I admire him for being so open and honest throughout this process,” Greenberg said.
“He has a number of opportunities outside of the game which he has worked hard at developing so we wish him well with that."