Alli was charged by the world game's governing body after being caught on camera making a one-fingered salute during England's qualifying win over Slovakia at Wembley earlier this month.
It was initially thought the signal was aimed at referee Clement Turpin, but Alli and Three Lions manager Gareth Southgate claimed it was actually directed towards his former Spurs team-mate Kyle Walker.
The midfielder could have been handed a two-game ban, but FIFA has opted to impose just a one-match suspension having been unconvinced the act was aimed at Turpin.
Confirmed: we'll be without @dele_official for next week's game against Slovenia, after he was given a one-game suspension by FIFA.— England (@England) September 29, 2017
A FIFA spokesperson told Omnisport: "Following the incident that occurred during the match between England and Slovakia on 4 September 2017, the English player Dele Alli has been sanctioned with a suspension for one official match and a fine of CHF 5,000 for making an offensive and unsporting gesture.
"Although the Disciplinary Committee was not convinced that the player directed the gesture at the referee, and regardless of whether it was allegedly directed at a team-mate, it did consider such gesture to be offensive and unsporting and therefore it amounted to a violation of article 57 of the FIFA Disciplinary Code."
The news will be a relief to Southgate, who admitted on Thursday England risked "being a shambles" by selecting him when he could have missed both of his side's qualifiers.