Steve Redmond (pictured), Colin Cramb, Nicky Hill, Edward Tarsus and Chris Billy will be seeking pastures new for next term.
Billy has already agreed a deal to join fellow Division Three side Carlisle United in July, once his current deal with The Shakers expires next month.
Martyn Forrest and Ian Lawson have been transfer-listed by the club while Matthew Barrass and Gareth Seddon will need to prove their fitness before receiving new deals.
Six players, meanwhile, have received new contracts with the Division Three outfit - they are Colin Woodthorpe, Jon Newby, Paul O'Shaughnessy, Lee Connell, Lewis Solly and Chris Porter.
Player-manager Andy Preece was disappointed to let those released go and hopes the sale of Forrest and Lawson will bring money for new faces this summer.
"It's frustrating but we have to reduce the wage bill," Preece told the club's official website.
"There will be new faces at Gigg Lane next season but these will depend on the sale of the two players transfer listed.
"We are talking to a few players about deals for the new season."
Bury have also announced their decision not to field a reserve side next season, as they implement more cost-cutting measures at the club.
The Shakers' second-string were relegated from the Avon Insurance Premier League this season and the club have decided to resign from the competition altogether.
"The resignation from the reserve league was mainly a cost cutting measure and will save the club some money," added Preece.
"It's not that much of a problem to us but we will monitor the situation over the season."
