Fife, 25, won the last of his six caps at the end of the 2015 Six Nations and made eight Guinness PRO12 appearances for the capital club this season.
But he also appeared a lot for the Scotland Sevens side and is moving on next season like Toolis - who leaves his twin brother Ben behind in Scotland as he returns Down Under.
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 BT Murrayfield on Saturday in their final Guinness PRO12 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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