The Northern Territorian said he would now seek other career opportunities, but remained coy on what he would like to pursue in the future.
"I'm heading up to Alice Springs for my nana's funeral … in the next couple of weeks. Then I'll just come back down to Melbourne and either do a bit of work or university, and find something that I'm really passionate about," he said.
"I've got a few ideas (of what I want to do) but I'll keep them under the table."
Barry, who signed a two-year contract with the Demons in July, said he believed his decision to quit football was the "right one".
"You've got to play – especially at the elite level – because you want to play, not because other people want you to do it," he said.
Barry played five AFL games after making his debut in round 15 last season.