Schumacher retired at the end of 2006, but was convinced to make a comeback with the Mercedes team in 2010.
His return to the sport has not been successful, with the German only managing one podium finish over the last three seasons.
We take a look at the career highlights of one of the best drivers the Formula One has ever seen.
1969: Born on January 3 in Huerth-Hermuelheim, Germany.
1973: Makes his racing debut in a karting event.
1987: Wins German and European kart championships.
1988: Finishes fourth in German Formula Ford championship and is second in the European series in his first year of car racing.
1990: Wins first major single-seater title, clinching the German Formula Three crown. Steps up to sportscars, driving for Mercedes.
1991: Makes Formula One debut for Jordan in Belgium, qualifying seventh before retiring. Poached by Benetton for the rest of the season.
1992: Takes first grand prix win in Belgium on his way to third in the championship.
1994: Wins title, with eight wins to his name, after controversial last-race clash with Damon Hill in Australia.
1995: Retains world crown, taking nine victories.
1996: Moves to struggling Ferrari and manages three wins on his way to third in the championship.
1997: Wins five races but is stripped of second in the championship for attempting to take out title rival Jacques Villeneuve at Jerez.
1999: Breaks his leg at Silverstone when easily leading the championship.
2000: Finally wins Ferrari's first drivers' title since 1979, amassing nine wins on the way.
2001: Another nine wins and another title, setting a new record for all-time victories.
2002: Wins championship in record time, setting a new mark of 11 victories.
2003: Wins title by a point after six victories, breaking Juan Manuel Fangio's record of five championships.
2004: Breaks his own record for wins in a season, 13, to take title number seven.
2006: September 10 - Announces his retirement at end of 2006 season after winning Italian Grand Prix.
2009: July 29 - Announces plans to make a shock return to F1 with Ferrari, deputising for Felipe Massa until the Brazilian recovers from injuries suffered in an accident in qualifying for the Hungarian Grand Prix.
August 11 - Forced to abort comeback due to a neck injury sustained in a motorbike accident in February.
December 23 - Signs a three-year contract to drive for Mercedes GP, ending three years in retirement.
2010: Makes his return to F1 in Bahrain and finishes the season in ninth, with a highest finish of fourth.
2011: Betters his previous season with an eighth-placed finish and 96 points, with a fourth in Canada his best result.
2012: Returns to the podium for the first time since his retirement, finishing third in the European grand prix.
October 4: Announces he will be retiring from the sport at the end of the season.