Braun accepted the penalty.
"I am not perfect. I realize now that I have made some mistakes. I am willing to accept the consequences of those actions," he said in a statement.
MBL attempted to suspend Braun for a positive drug test following the 2011 season, but an arbitrator overturned the penalty because the Milwaukee star's urine sample was not handled as specified by baseball's drug agreement.
Braun, injured Yankees star Alex Rodriguez and more than a dozen players were targeted by MLB following a report by Miami New Times in January that they had been connected with Biogenesis of America, a now-closed anti-aging clinic.
MLB Commissioner Bud Selig announced the penalty Monday, citing Braun for multiple unspecified "violations" of baseball's drug program and labor contract. Braun will miss the Milwaukee Brewers' final 65 games without pay, costing him about $3 million of his $8.5 million salary.
"We commend Ryan Braun for taking responsibility for his past actions," said Rob Manfred, MLB's executive vice president for economics and league affairs. "We all agree that it is in the best interests of the game to resolve this matter. When Ryan returns, we look forward to him making positive contributions to Major League Baseball, both on and off the field."