O'Neal has been out of action since taking a fall against the Mavericks on February 20.
His chronic degenerative wrist condition has not responded to immobilization and physical therapy, and the decision was made to proceed with surgery.
"Jermaine worked hard to get himself in condition to play this season despite his ongoing wrist issues," said Celtics president of basketball operations Danny Ainge. "He played through pain the entire year and gave us all he could, but unfortunately after the fall against Dallas there simply wasn't anything else he could do. We appreciate his contributions to our team over the last two years."
In 25 games (24 starts) this season, O'Neal averaged 5.0 points and 5.4 rebounds.