Rankin will miss Ireland's forthcoming one-day matches against Pakistan, South Africa and Australia as well as the Intercontinental Cup and Twenty20 games against Hong Kong.
The 32-year-old fractured his left tibia during a training session.
Ireland will not replace the paceman in their squad for the games against Pakistan at Malahide.
"It's obviously a blow to lose a bowler of Boyd's quality and experience at such a crucial juncture of the season, but these things happen in sport," said Cricket Ireland head coach John Bracewell.
Rankin, who has taken 308 wickets in 92 first-class matches, was injured on his Test debut for England against Australia in January 2014 in Sydney.
"It's extremely frustrating to lose Boyd during such a key point in the season," said Warwickshire director of cricket Dougie Brown.
"He will now go through a rehabilitation programme with our medical team to rest, strengthen and be ready for our 2017 pre-season schedule."
Meanwhile, England all-rounder Chris Woakes has been released by the England & Wales Cricket Board to play in Warwickshire's One-Day Cup quarter-final against Essex at Edgbaston on Wednesday.
The 27-year-old was named England's player of the series against Pakistan after taking 26 wickets and scoring 177 runs in the four Tests.
Warwickshire and Ireland fast bowler Boyd Rankin will miss the rest of the season after breaking his leg.