The Nigeria international has apologised for his series of Twitter attacks against the club after having a transfer request rejected.
Odemwingie also turned up at Loftus Road on transfer deadline day without Albion's permission but a proposed move to QPR collapsed.
He 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."
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.
“We have made our position very clear throughout – both privately to Peter and publicly. 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.
“It was important that we resolved this episode as expediently as possible to enable everyone to focus on the most important issue at this club – competing in the Premier League.”