The Irishman was handed a six-month suspension and fined $50,000, while his opponent Nurmagomedov was banned for nine months and fined $500,000 by the Nevada Athletic Commission.
The post-fight brawl came after Nurmagomedov scaled the octagon to launch an attack on McGregor's team after defeating the Irishman
to maintain his unbeaten 27-0 record last year.
Members of the Russian's team were also involved in a fracas with the beaten McGregor.
Both bans have been back-dated to the night of the fight.
McGregor posted two messages on Twitter following the news.
"I am thankful for the Nevada Athletic Commission's fair assessment and handling of the brawl incident," he wrote
"It was not my intention to land the final blow of the night on my opponent's blood relative. It's just how it played out. I look forward to competing again soon. Thank you all."
Moments later, the 30-year-old tweeted another message explaining the incident.
"The final blow of the night UFC 229 in association with McGregor Sports and Entertainment," he wrote.
Meanwhile, Nurmagomedov tweeted "politics forever
" as two members of his team were also banned for their involvement in the incident.
The Russian's suspension will be reduced by three months if he partakes in an anti-bullying campaign in Nevada.
However, Nurmagomedov's manager Ali Abdelaziz argued his man was not the bully in this situation.
"He bullied all his opponents in the past but on Oct 6 he got humbled and bullied. Justice was served and the bully got bullied. Simple as that," tweeted Abdelaziz
, referring to McGregor.