Player, 90, is one of three honorary starters for the first major of the year, which he became the first non-American to win in 1961.
"I have been an ambassador for Augusta for all these years, yet they won't let me have one round of golf in my life with my three grandsons," Player told Golf Monthly.
"All the courses that have hosted the Open (Championship), the US Open and the PGA (Championship) would oblige, but they won't do it at Augusta.
"My grandsons are dying to know about their grandfather's episodes on that golf course. It is just this current management there.
"But these are the times we live in, and I accept it, but I accept it with sadness. When I go there, I feel like I am walking onto a golf course in heaven. I tread very carefully and I love Augusta so much, but I don't like all the rules."
Player's 52 Masters appearances are more than any other player in history, and he began serving as an honorary starter in 2012.
During his playing career, the World Golf Hall of Fame member was part of the "Big Three" along with Arnold Palmer and Jack Nicklaus.
He added two more green jackets in 1974 and 1978, with the Masters serving as the site of three of his nine career majors.
As a past champion, Palmer has playing privileges at the course. However, unlike Palmer and Nicklaus, Player was never granted membership at Augusta National that would enable him to bring guests to play alongside him.
He previously criticised his lack of playing privileges at Augusta, saying in 2023 he was "disillusioned" about the difficulty of playing the course with a guest. At the time, he ranked the Masters last among the four majors.
Player's son, Wayne, reportedly also received a lifetime ban from Augusta after holding up a pack of golf balls in a marketing stunt during a 2021 ceremony honouring Lee Elder.
"There are a lot of things that have made Augusta what it is, but the part we played was a prevalent part of my career," Player told Golf Monthly.
"(Co- founder) Bobby Jones was a wonderful man and a wonderful asset to a wonderful tournament, as was (member) President (Dwight D.) Eisenhower as was (co- founder) Clifford Roberts. Those three people, they basically made Augusta.
"Then Arnold, Jack and I came along, and we fought it out every year, and then we made Augusta thanks to the coverage and publicity we generated around the Masters, whether the club likes to admit it or not. They won't admit it, but we made Augusta."
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