Thomas Ince and Steven Caulker have been banned over incidents that took place during England Under-21s' win over Serbia in October.
Four Serbian players have also been banned, while two of their coaches are suspended for two years.
Uefa has ordered Serbia to play their next competitive under-21 match behind closed doors, and they have also been fined £65,000.
Ince and Caulker have been suspended for one and two matches respectively.
Uefa said Serbia were punished due to the "improper conduct of its supporters during and at the end of the match, as well as for the improper conduct of the Serbia players at the end of the game".
Blackpool winger Ince, 20, will sit out the England Under-21s' Euro 2013 game against Italy in June, while Tottenham defender Caulker, 20, will also be absent from the match against Norway.
Uefa's control and disciplinary body dismissed disciplinary proceedings opened against the Football Association.
Serbia assistant coach Predrag Katic has been banned from football for two years, with the final six months suspended for a probationary period of three years.
Fitness coach Andreja Milunovic has been banned from all football-related activities for two years, with the second suspended for a probationary period of three years.
Serbia players Ognjen Mudrinski and Nikola Ninkovic have already been suspended for a year by the Serbian Football Federation and they were handed respective three and two-match bans.
Goran Causic has been suspended for four games and Filip Malbasic is banned for three matches.
Kick It Out's Troy Townsend, whose son Andros played in the game in Krusevac, thinks that the penalties against the Serbian federation were not heavy enough.
He told BBC Radio 5 live: "Steps need to be taken to make sure these things don't happen again and I'm not sure that is going to be the case.
"He was out there and it wasn't a great situation. It's not nice for anyone to be watching those pictures, players being chased around the pitch, the chanting and England management being hit.
"It's not nice and you don't know if they're going to get out of that situation.
"I feel that Serbia have got away with it and the FA needs to be accountable.
"It's great fining them and banning the players but at some stage the FA have to be held accountable and it's not the first time they've been involved in incidents and they're getting away with it again with a slap on the wrist."
Recent Uefa fines
£16,700 to Porto for their fans' racist abuse during Europa League match against Manchester City
£32,500 to Lazio following racist chanting during a Europa League game against Tottenham.
£24,735 to Manchester City for being one minute late back onto the pitch after half-time against Porto
£80,000 to Denmark striker Nicklas Bendtner for revealing a sponsor's logo on his underpants during Euro 2012
From the Beeb.