Toney has been charged with a total of 262 breaches between February 2017 and January 2021 when he was a player at Scunthorpe United, Wigan Athletic, Peterborough United and Brentford.
ESPN reported in March that the 27-year-old admitted breaking FA rules related to betting prior to appearing before a disciplinary panel.
An FA statement read: "Ivan Toney has been suspended from all football and football-related activity with immediate effect for eight months, which runs up to and including 16 January 2024, fined £50,000 and warned as to his future conduct for breaches of The FA's Betting Rules.
"The Brentford FC forward was charged with 262 breaches of FA Rule E8 in total between Feb. 25 2017 and Jan. 23 2021. The FA subsequently withdrew 30 of these breaches and he admitted to the remaining 232.
"His sanctions were subsequently imposed by an independent Regulatory Commission following a personal hearing. He is permitted to return to training only with his club for the final four months of his suspension starting from Sept. 17 2023.
"The independent Regulatory Commission's written reasons for these sanctions will be published in due course, and The FA will wait to review them before commenting further."
He later made his international debut in England's Euro 2024 qualifying win over Ukraine in March this year.
The striker has been in impressive form this campaign with 21 goals in all competitions.
"Brentford FC is currently awaiting the publication of the written reasons of the independent regulatory commission. We will review them before considering our next steps," the Premier League club said.