The 29-year-old had been hindered by injuries over the past two years and did not hold a contract for next season, with Jesse Arthars and Deine Mariner firming as first-choice wingers in 2025.
Oates announced via a club statement on Thursday morning that he would bow out from the NRL after 216 first-grade games.
"The last 18 months haven't been kind with my body and my injuries, but it's my family that are my main priority now and that's why I've made the decision to retire," Oates said.
"I never thought I was going to play one game, let alone over 200. I never wanted to be the person who went one season too many and now is the right time for me to go."
Corey Oates (centre) played his final game for Brisbane in the round-27 loss to Melbourne. (Jono Searle/AAP PHOTOS)
Oates' departure marks the Broncos' first roster change since Maguire replaced the ousted Kevin Walters following the side's slide from grand finalists to also-rans in 2024.
It also leaves the Broncos short of depth in the back-line following Tristan Sailor and Jordan Pereira's recent exits from the club.
Oates played his entire NRL career with the Broncos after making his debut in 2013 and scored a try in the club's 2015 grand final loss to North Queensland.
He was the last player from that team to remain at the Broncos.
Oates made nine State of Origin appearances for Queensland, including in their 2016, 2017 and 2022 series victories, and was 18th man for the Broncos' 2023 grand final loss to Penrith.
He played his final game for Brisbane in the round-27 loss to Melbourne.
Maguire will soon need to turn his attention to the future of backs Selwyn Cobbo and Kotoni Staggs, who are both off-contract next season and can negotiate with rivals from November.
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