Former captain Gareth Roberts is one of five Bury players having their contracts terminated by mutual consent.
Veteran full-back Roberts, 35, joined the Shakers and was made skipper by then-boss Kevin Blackwell but, despite starting 13 games, he has appeared just twice since September.
Four other players have departed the JD Stadium - strikers Marlon Jackson, Jessy Reindorf and Shaun Harrad and defender Euan Holden.
Jackson played nine games for the Shakers but recently spent time out on loan with Lincoln while Reindorf was something of a fans' favourite having scored in his first two games, including a thrilling strike on debut against Norwich in the Capital One Cup. However, the summer addition's last Bury appearance came in September.
Harrad was one of the few Bury players left from last season's relegation campaign but he spent large periods of his two-and-a-half-year stay away from the club on loan.
Holden, brother of Bolton midfielder Stuart, started just three league games for Bury in 11 months with the club.