The punishment comes after the club, under its former owner Roman Abramovich, violated financial regulations between 2011 and 2018.
The current owners, American investors Todd Boehly and Clearlake Capital, have assisted in the investigation and, according to the Premier League, the club will receive a lighter punishment and will not, for example, face a points deduction.
In addition to the fine, the club is subject to a nine-month transfer ban at academy level and a conditional ban at first-team level, which means that if Chelsea violates transfer rules in the next two years, the first team will face a one-year transfer ban.
Chelsea was fined the equivalent of SEK 236 million by UEFA last year for violating financial fair play rules.
