All Blacks captain Richie McCaw has retired from rugby union after a record-breaking Test career, including two World Cup wins.

McCaw announced in Wellington on Thursday that he will hang up his boots after a 148-Test career spanning 15 years.

Despite all he achieved in the game, McCaw displayed remarkable humility during the announcement, saying he was proud to have consistently played "at a level that was reasonably good."

"It's been a hell of a ride. I sit here happy with what I've done," he said.

The 34-year-old flanker captained his country on a record 110 occasions, winning all but 13 of his games in charge.

The International Rugby Board named him the best player in the world in 2006, 2009 and 2010, his three wins a mark matched only by team-mate Dan Carter.

McCaw led the All Blacks to a second world title in as many tournaments this year, guiding them to a 34-17 victory over the Wallabies.

"I've been hugely privileged to do what I've done for so long," he said.

"[I've] been in some great teams with some great men and what happened in the World Cup just been, everything falling into place was hugely rewarding."

He will now begin working towards gaining his commercial pilot's licence with Christchurch Helicopters, something he says he is "hugely passionate about".

"I've enjoyed my time as a rugby player but I'm excited about what's coming in the future," he said.

"I know it will never replace the thrill of running out in front of 80,000 (people) ... but it's not far short."

All Blacks coach Steve Hansen credited McCaw's success with a "massive desire to be good" and said his skipper retired "on top of the heap".

"He arrived on the scene as a pimply-faced school boy, quite naive but very keen to learn," Hansen recalled.

"He leaves with a lot less of those pimples and a lot less naivete, but still with the mindset of wanting to learn."

McCaw's announcement began with a moment of silence for Jonah Lomu, who died on Wednesday after a battle with kidney disease.

Lomu was coming towards the end of his career when McCaw debuted for the All Blacks, but it was still clear how much of a star he was around the world.

"To play alongside a guy you watched as a young fella was pretty amazing," McCaw said.

"I don't think it hit home to me until I went overseas, played on my first tour, we got to a training ground, there was hundreds of people in Ireland.

"I climbed off the bus, the whole mob came at me and I thought 'This is cool to be an All Black'.

"[But] they kept running past, I looked behind me and there was Jonah.

"That hit home to me about the superstar he was."

(ABC)