The World Motor Sport Council has fined McLaren $100m (£50m).
In addition to losing the points it has won thus far in the 2007 World Championship, the team will not score any further Constructors' points this season, though the drivers will continue to score points.
This applies for 2007 only.
Ahead of the 2008 season the Woking team's car will be examined by independent experts.
"The World Motor Sports Council has stripped Vodafone McLaren Mercedes of all constructors points in the 2007 FIA Formula One World Championship and the team can score no points for the remainder of the season," said the FIA in a statement.
"Furthermore the team will pay a fine equal to $100 million, less the FOM income lost as a result of the points deduction."