Prince Philip spent 110 days a year ago making official engagements, the BBC reported, makng him the fifth busiest member of the royal family.
Despite being 95, Philip's decision - supported by the Queen and not medically related - came as a surprise and followed a night of frenzied speculation caused by news reports about an "emergency" palace meeting.
Elizabeth and Philip celebrate their 70th wedding anniversary in November.
When Sir Michael, who is 88, said to him: "I'm sorry to hear you're standing down", the duke joked: "Well I can't stand up much longer".
French media outlets also published stories suggesting the Duke of Edinburgh had died. In taking this decision, The Duke has the full support of The Queen.
But a royal aide stressed Philip is likely to attend events in the future and will not completely disappear from public life.
Prince Philip was in classic jovial form as he joined Queen Elizabeth at a service and lunch on Thursday for members of the prestigious Order of Merit.
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Now, it has been announced that the Duke of Edinburgh will retire from public duties later this year.
From his childhood, to becoming a doting husband, to watching generations of his family grow and flourish, click through to see Prince Philip's life in pictures.
"'On behalf of the whole country, I want to offer our deepest gratitude and good wishes to His Royal Highness the Duke of Edinburgh following today's announcement that he will stand down from public duties in the Autumn", she said in a statement.
"The Duke of Edinburgh is Patron, President or a member of over 780 organisations, with which he will continue to be associated, although he will no longer play an active role by attending engagements".
The early years of their marriage, during which Elizabeth was crowned Queen, were depicted in the Netflix series "The Crown".
Prime Minister Theresa May led the tributes to the Queen's consort, saying he has given the monarch "steadfast support", while Labour leader Jeremy Corbyn said the duke's "clear sense of public duty" had inspired people for more than 60 years.
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