Cheltenham have released Josh Low, Theo Lewis and Brian Smikle, while Danny Andrew has been placed on the transfer list.
Winger Low will now embark on a career in law and the 33-year-old is expected to combine that with part-time football after four years at Whaddon Road.
Youth product Lewis, who enjoyed a spell in the first team during the 2008/09 campaign, will also leave having struggling to force his way into Mark Yates' plans.
Smikle featured in every match during the 2010/11 campaign but he failed to force his way into the side during his second season with the club and he too is set to depart.
Young left-back Andrew is under contract until the end of next season but he has been told he can find another club.