Phoenix revealed the news at a benefit event for the Paul Newman Foundation on Monday (October 27), reported People magazine.
The star declared, "I want to take this opportunity … to give you the exclusive and just talk a little bit about the fact that this will be my last performance as an actor. I’m not doing films anymore."
When asked if he was serious about the announcement, Phoenix responded, "Yeah. I’m working on my music. I’m done. I’ve been through that."
The actor’s rep also confirmed with Extra that the 34-year-old star wants to retire from acting.