The 70-year-old singer, who is one of the best-selling recording artists in the world, said his priorities have changed after becoming a parent to two children with his husband David Furnish.
"I love them so much. I don't want to miss them and I don't want them to miss me," he said. "I've had a good run."
John said he has been on the road since he was 17.
He denied British media reports that he was quitting touring because of ill health.