The 49-year-old said that he had no regrets in an illustrious career that saw him win 31 times on the European Tour, as well as captaining Europe to victory at the 2010 Ryder Cup at Celtic Manor.
Despite his dominance on the European Tour, the Scot will always be remembered for not winning a major championship, having finished runner up on five occasions.
"I've enjoyed thoroughly my exploits in major championships. I just haven't been fortunate, or whatever it takes," he said.
Montgomerie noted that his failure to win the 2006 US Open, after making double bogey from the middle of the 18th fairway, was the near miss, which hurt the most.
The eight time European Tour Order of Merit winner was inducted into the Hall of Fame alongside the 1992 US Masters champion Fred Couples, former US Open champion Ken Venturi, European Tour Chief Executive Ken Schofield, and two-time Open champion Willie Park Jr.
© Copyright Press Association
News brought to you by Glenmuir, add a touch of luxury to your game.
Experience the neater athletic fit of our men's performance golf shirts.