The divorce was finalized Monday, according to court papers filed in Superior Court. The documents show that neither will pay financial support to the other and each will retain any assets they had prior to the marriage.
They filed for separation in November 2002, just a few months after their romantic wedding in Hawaii in August of that year.
The actor — filing under his real name, Nicolas Coppola — cited irreconcilable differences as the reason for the split in the original divorce petition.
"I'm sad about this, but we shouldn't have been married in the first place. It was a big mistake," Presley said in a statement at the time.
Lawyers for the entertainers did not immediately return calls for comment on Tuesday.
Presley, the only child of Elvis Presley, was married previously to musician Danny Keough and pop singer Michael Jackson. It was the second marriage for Cage, who divorced actress Patricia Arquette in 2000.
Presley has two children from her marriage to Keough, and Cage has a son from a previous relationship.