The 36-year-old Timmer had planned to quit after this season but says she will now leave the sport immediately.
Timmer finished 14th in the 500 meter race Monday and canceled competing in other races, saying she was suffering from flu.
She could seek permission from Dutch skating authorities to compete at the World Championships in Inzell in March, but she says Tuesday she won't.
She said on Dutch television, "This way I keep my honor."
Timmer took gold in the 1000 and 1500 meter races at the Nagano games and again in the 1000 meter race in Turin eight years later.