Maloney has handed back his licences to the British Boxing Board of Control after admitting he has grown increasingly disillusioned with the sport.
Maloney's decision brings an end to a colourful career which saw him guide Lewis to the world heavyweight title despite memorably being derided as a "mental midget" by US promoter Don King.
Lewis took to Twitter to say: "Big up 2 @FrankMaloney on a massive career in the fight game. Gonna miss those Union Jack suits. All the best to u and urs."
Maloney's garish suits might have earned him fame as Lewis's sidekick, but his jovial image belied a shrewd boxing brain as he swerved King's obstacles to lead Lewis to the top.
Maloney told the Press Association: "Boxing has given me some great times but it's not the same business I grew to love any more.
"The characters have gone and gradually over the last six months I have realised that I don't want to be involved in it any more.
"It's been my whole life for so long and yesterday was the first day I didn't have to deal with the phone calls and all the bull**** that comes with it.
"I am now going to go travelling through Europe with my two Airedales and see how far I can get. You never know, in six months I might miss it, but I know now it is the right time to finish."
Along with Lewis, Maloney also took the likes of Paul Ingle and Scott Harrison to world titles, but was forced to reconsider his relationship with the sport when Ingle suffered a horrific brain injury in a world title defence in 2000.
Maloney returned with big-punching Liverpool heavyweight David Price, for whom he had high hopes of emulating Lewis, but two successive stoppage defeats for Price against Tony Thompson effectively signalled the end.
Maloney said: "I appreciate all the fighters who I have worked with and who have given me so many great memories over the years.
"Obviously my career was built on Lennox Lewis and I owe him most of it, as well as Paul Ingle and Scott Harrison and others such as Kevin McBride.
"They have all been a part of my story and I am grateful for that. But I know that now is the time to move on and at the moment it is not something I am going to miss."