The Nigeria international, 31, has apologised for publicly criticising the club on his Twitter account in the wake of his botched attempt to seal a move to the Baggies' Premier League rivals Queens Park Rangers on transfer deadline day last week.
In a statement published on West Brom's official website, wba.co.uk, Odemwingie said: "I understand how my actions have been viewed and want to apologise to the club and our supporters for any distress I have caused.
"I want to reassure everyone at the club and our fans that I will continue to give my all whenever I am selected.
"We have enjoyed a good season so far and I aim to play my part in keeping the club as high up the table as possible."
The club's chairman Jeremy Peace added: "This has been an extremely difficult time for the club and it was imperative that we dealt with such a serious matter both fully and correctly.
"Peter has apologised for his conduct to me personally and the club and our supporters as a whole.
"He has accepted his punishment and promised to comply with all club regulations moving forward."
WBA did not specify what Odemwingie's punishment entailed.
Odemwingie had turned up at QPR's Loftus Road on transfer deadline day without Albion's permission as he tried to engineer a move to the London outfit, but the proposed move collapsed.
He has not featured in either of West Brom's last two Premier League games.
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