Mutu, now at Serie A club Fiorentina, was dropped by Chelsea in October 2004 and banned for seven months after failing a drug test for cocaine.
The record-setting fine was calculated by FIFA's dispute resolution chamber according to the value of the remaining period on his Chelsea contract. Mutu will likely appeal.
Mutu, who scored Romania's only goal at Euro 2008, has since rehabilitated his career. He has scored 33 goals in 62 games for Fiorentina.