Lambert has been a prominent and popular figure at the Lions for the past 17 years since joining the Club as a player at the end of 1993.
After playing 123 games in six seasons with the Tigers, he reluctantly transferred to the then Brisbane Bears and won the Club's Best & Fairest award in his first season.
But he soon made Brisbane his new home and went on to play 96 games in seven seasons with the Bears/Lions before injuries forced him into retirement at the end of 2000.
Lambert was immediately retained by the Lions the following season as an Assistant Coach and played a valuable off-field role in the Club's hat-trick of premierships from 2001-2003.
He later became more involved in player welfare management and filled an important position as an unofficial 'father figure' to the younger players at the Club.
But after 17 years of outstanding service, Lambert felt it was time for him to move onto the next phase of his life.
"This Club means the world to me and I wouldn't change a thing over the 17 years," Lambert said.
"I've seen players come through as kids and watched them become men and have kids of their own. There are just so many great people at this footy club."
"It's been one heck of a ride - particularly considering I thought I'd only be here for two years and then go back to Melbourne," he said.
"But after such a long period of time, I think I need to step back from that emotional commitment I've given to the Club".
"I see working at this Football Club as a partnership. You should give as much as the Club gives back to you and I feel as though I've been running on empty for a while now. I want to go out the right way."
Lambert said the decision had been a culmination of discussions over the past six months with both his family and the Club.
"I know there has been a lot of speculation recently surrounding the Club, but my decision has been a long and arduous process. I've been having discussions with my wife for the past 6-8 months about whether we should stay involved," Lambert said.
"Michael Voss has known exactly how I've felt and he's even tried to find different avenues and roles for me within the organisation. He's been sensational."
The 41 year-old is now looking forward to spending more time with his wife Melissa and four children Brylee, Billy, Bailey and Bodey.
"Unless I actually step away from the Club, I'll probably never really know what's best for me and my family," Lambert said.
"I've got a wife and four kids at home and want to make sure I'm giving them enough attention. I think my family deserves more."
Senior Coach Michael Voss said that Lambert's contribution to the Brisbane Lions in a variety of roles has been significant.
"Lamby has shown an incredible commitment to this Football Club over his 17 years both as a player and off the field," Voss said.
"He has not only been a great personal friend of myself and my family, but a wonderful support and reliable member of our Football Department."
"He will be missed by all players and staff, and the Club will remain forever grateful for his years of service."
