The Manchester United striker was shown the red card by Argentinean referee Horacio Elizondo for stamping Portugal defender Ricardo Carvalho.
Although Rooney pleaded his innocence and was backed by the English Football Association (FA), he has also been fined £2,400 ($4,442) by FIFA disciplinary committee.
The 21-year-old will miss England’s Euro 2008 qualifiers against Andorra and the away match against Macedonia.
England were knocked out of the World Cup quarter-finals after a 3-1 defeat to Portugal in the penalty shootout that followed a goalless draw in the original time.
Meanwhile, Argentina defender Leandro Cufre has been suspended for four matches and his teammate Maxi Rodriguez has been hit with a two-game ban for their part in the melee that took place after Argentina’s World Cup exit at the hands of Germany in the quarter-final.