The NBA announced the suspensions Monday night following Cleveland's win to sweep Boston in the first round Sunday.
Smith swung backward and smacked Boston's Jae Crowder in the face. Smith was ejected and Crowder sustained a sprained knee ligament.
Smith has had few previous problems since arriving in Cleveland despite bringing a reputation for late nights and a short fuse when he was traded from New York. He was remorseful following the game.
"This is a situation that I put my teammates in, and it's a selfish act because I don't want anything that we do collectively to be taken away by one individual, whether it's me or anybody else,'' said Smith, who has been suspended in the past.
Olynyk hurt Love, grabbing and pulling his arm. The league said Olynyk will serve his suspension in the first game of the 2015-16 regular season for which he is eligible and able to play.
Cleveland's Kendrick Perkins was also fined $15,000 and his flagrant 1 foul changed to flagrant 2 for a hard screen on Crowder.
The Associated Press contributed to this report.