Fife, 25, won the last of his six caps at the end of the 2015 Six Nations but has largely figured for the Scotland Sevens side this year.
Toolis ends his partnership with twin brother Ben to return to Australia.
Backs Jack Cuthbert, Otulea Katoa, Nick McLennan and Jade Te Rure, plus prop Grant Shiells, are also moving on.
They join Matt Scott, Sam Beard, Mike Coman and John Andress, whose departures had already been announced, in leaving the capital club.
Head coach Alan Solomons said: "Everyone associated with the club, on and off the field, would like to wish all the players the very best for the future and thank them for their loyalty and commitment to the black and red over the years."
Edinburgh play Cardiff Blues at Murrayfield on Saturday in their final Pro 12 game of the season, needing a bonus-point win and other results to go their way to secure a top-six finish.

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24 February 2015 Last updated at 20:27 GMT
The 67-year-old, who was fearful of returning to his Gateshead home after the attack in January, has begun house hunting thanks to an online fundraising campaign that attracted donations of more than Â£330,000.
But Mr Barnes, whose collarbone was broken when he was knocked to the ground, told Look North's Peter Harris he was not yet ready to meet his attacker, drug-user Richard Gatiss, 25.
Scotland wing Dougie Fife, lock Alex Toolis and centre Andries Strauss  are among a host of players who will leave Edinburgh at the end of the season.
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Disabled pensioner Alan Barnes has said he is "ready to move on with his life" after a man appeared in court to admit assaulting him.