Ponting, who turns 38 on Dec 19, scored 13,366 runs at an average of 52.21 in 167 Tests. His highest score was 257. He also scored 41 centuries and 62 half-centuries.
He played 375 One-Day Internationals, scoring 13,704 runs at an average of 42.03, including 30 centuries and a highest score of 164.
Compatriots and former team mates Glenn McGrath, Matthew Hayden and Shane Warne hailed their "Punter" and asked him to score a final century in his 168th and final Test against South Africa starting Friday.
"Well done Punter on an incredible career. It would be great to see you finish with a ton. It was an honour to play alongside of you. legend," tweeted McGrath, who won three World Cups in 1999, 2003 and 2007 with Ponting.
Former left-handed opener Hayden said: "Punter, congratulations on a fantastic career. Your departure will be a massive hole in the Australian Cricket team."
Legendary leg-spinner Shane Warne said: "Congrats to Ricky Ponting on an amazing career, well done Punter... Enjoy your last match in Perth buddy, was a pleasure playing with you!!!"
Among his cricketing rivals, England's Kevin Pietersen, West Indian great Courtney Walsh and South Africa batsman Herschelle Gibbs also complimented the Australian great.
"Ricky Ponting RETIRES.... ONE OF THE GREATS! I always got excited playing AUS, so I could watch him bat up close. Well done Punter!" said Pietersen on Twitter.
Walsh wished the 37-year-old Ponting for a life after cricket.
"Well played Ricky Ponting on a great career. Hope you end it on a very high mate. Good luck, as there is plenty life after cricket."
Herschelle Gibbs said: "What a player, entertainer of note and an all-time great Ricky Ponting! Always loved his approach to batting."
Former England skipper Michael Vaughan saluted him.
"The best batsman I had the privilege to play against ... Australia cricket will not be the same without him. Ricky was a very underestimated bowler as well... Quicker than he looks!" said Vaughan.
Among Indian cricketers, Virat Kohli, Ajinkya Rahane, Sanjay Manjrekar and Murali Kartik also wished him the best.
"Ricky ponting what an absolute legend. I am glad I had the honour of playing against him. Take a bow...," said Kohli, who is currently playing against England.
Rahane, also in the India squad, said: "A legend announced retirement. The cricket world will miss Ricky Ponting on the field."
Cricketer-turned-commentator Sanjay Manjrekar said Ponting enriched the game by his achievements.
"A a great driver and a great puller! That's one thing that really stood out for me. Enriched the game by his feats. From this moment on, there will be only nice things said about Ponting :) Ponting came out of that very typical Australian mould of batsmen. He was the quintessential Aussie batsman in style and approach," said Manjrekar.
Left-arm spinner Murali Kartik hailed Ponting as one of the greatest modern day batsman.
"A very sad day for world cricket, Ricky-1 of the Greatest modern day bats, a former teammate and the consummate professional. Go well mate. Cherish the greats till they are playing, watching international cricket will never be the same without these champions."