A portion of the fine – £5000 – will be donated to a charity of Rangers' choosing.
Elgin have also been ordered to pay the Ibrox club compensation for costs incurred in preparing for the match.
The Irn-Bru Third Division game, due to be played last Sunday, was called off by Grampian Police and the SFL after it became clear on Friday that ticket sales exceeded the safety capacity of the Borough Briggs ground by around 1100.
The match was due to be shown live by ESPN, and the fee for this – which would have gone to the SFL – has already been lost.
Elgin feared they would be docked points for their over-selling fiasco. But the SFL's board yesterday decided a heavy fine will suffice.
The Moray side have already begun refunding tickets, and the SFL have revealed that the date of the rearranged match will be announced later this week.
Ironically, the sides meet in the William Hill Scottish Cup at Ibrox on Sunday. And, with gate receipts from what is expected to be a bumper crowd split between the clubs, Elgin could find themselves still in profit from a week which has seen their reputation badly tarnished.