Sepp Blatter and Michel Platini have been suspended for eight years from all soccer-related activities following an ethics investigation.
The FIFA and UEFA heads were found guilty of breaches surrounding a 2 million euro “disloyal payment” made to Michel Platini in 2011.
The FIFA ethics committee found Sepp Blatter and Michel Platini had demonstrated an “abusive execution” of their positions.
“I will fight for me and for FIFA,” Sepp Blatter, 79, said at a news conference.
Michel Platini said the decision was a “masquerade” intended to “dirty” his name.
Both men continue to deny wrongdoing and intend to appeal to the Court of Arbitration for Sport (CAS).
Sepp Blatter and Michel Platini, 60, have also been fined $50,000 and $80,000 respectively.
Despite the ban, both Sepp Blatter and Michel Platini will be allowed to attend matches – including Euro 2016 in France – if they buy tickets in a private capacity.
FIFA boss since 1998, Sepp Blatter had already announced he was quitting with a presidential election in February.
Michel Platini was tipped as a future leader of football’s world governing body and is a three-time European Footballer of the Year.
He is also a former captain of France and has been in charge of UEFA – European soccer’s governing body – since 2007.
Unshaven and sporting a plaster over his right cheek, Sepp Blatter was in defiant mood at a news conference he had called in advance of the punishments being made public.
“I will fight,” he said.
“I will fight for me and for FIFA.”
Sepp Blatter said he was “really sorry” that he is still “a punching ball” and that he has become tainted in the eyes of humanity.
He added that he thought he had convinced the FIFA ethics tribunal that the payment from FIFA to Michel Platini was legitimate.
He plans to appeal, first to FIFA, then CAS. He may also take legal action under Swiss law if needed.
“The decision is no surprise to me,” he said in a statement.
“The procedure initiated against me by FIFA’s ethics committee is a pure masquerade.
“It has been rigged to tarnish my name by bodies I know well and who for me are bereft of all credibility or legitimacy.”
In the meantime, UEFA has issued a statement, revealing it is “extremely disappointed” with the decision.
It added: “Once again, UEFA supports Michel Platini’s right to a due process and the opportunity to clear his name.”