After seven years at the helm of the Golden State, the former champion body builder turned "Terminator" movie megastar and businessman is leaving his adopted home mired in huge financial woes.
But as he prepared to hand over power to Democrat Jerry Brown two months after November 2 polls -- Arnie stood by all his decisions.
"History will be the final judge of my administration's record," he said in his last weekly radio address. "But I leave office proud of what we have accomplished."
"I am especially proud that we were never afraid to ...make the tough choices, and set aside ideology in favour of compromise. At times this cost me politically. But I always acted in the best interests of California's future."
While he impressed many with his transformation into a liberal Republican and green champion who won reelection in 2006, his poll ratings slid in recent years, in line with California's dire economic fortunes.
A budget crisis in 2010 pushed California, which would have been the world's eighth largest economy if it were a country, to the brink of bankruptcy, sending its credit-rating plunging and forcing it to pay bills with IOUs.
But while commentators will pick over Schwarzenegger's political legacy here, many are watching closely to see what the 63-year-old will do next -- notably whether he will return to the movies.
"Will I still have the patience to sit on the set and to do a movie for three months or for six months, all of those things? I don't know," he tweeted in October.
In an interview with the LA Times last month, he acknowledged he has many other options, from writing his autobiography to the speech-making circuit, to business projects or even a behind-the-camera role in Hollywood.
"From the health industry, to the environmental side, to the political stuff, to writing books, to giving speeches -- all of those kinds of things. There's a huge variety of different doors that can open," he said.