Prosecutors from 29 US states have sued the tech giant, which has been accused of violating consumer protection and privacy laws.
Meta has previously estimated the fine at $1.4 trillion (approximately SEK 13.3 trillion) if it were to lose the lawsuit.
The settlement now means that the equivalent of almost 160 billion Swedish kronor will be paid instead.
As part of the settlement, Meta has also agreed to implement a kind of daily user limit in the basic version of its apps, and the tools to stop minors will also be improved.
After the deal, Meta rose sharply on the New York stock market, with the stock up 4 percent.
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