His role in movie is to be recast and his scenes reshot. The release is expected to go ahead as planned on December 22.
Kevin Spacey, who was late oil tycoon Jean Paul Getty in the movie, will be replaced by Christopher Plummer.
The claims against Kevin Spacey span from the mid-1980s to 2016.
All the Money in the World, directed by Ridley Scott, is about the 1973 kidnapping of Jean Paul Getty’s teenage grandson.
According Variety magazine, Kevin Spacey had shot about two weeks of footage and there were many scenes in the movie where he was the only actor on screen.
Kevin Spacey already appears in the movie’s trailer, which was released in September.
Mark Wahlberg and Michelle Williams, who also star in the movie, are expected to take part in the reshooting.
All the Money in the World has also been withdrawn from the American Film Institute’s (AFI) annual festival in Los Angeles later this month.
Valentina Violo, who plays a secretary in Ridley Scott’s movie, said she had met Kevin Spacey at a party held at the end of shooting this summer.
Kevin Spacey’s career has nosedived since the first allegation of advances were made by actor Anthony Rapp on October 30.
Netflix has axed further production of Kevin Spacey’s House of Cards drama and the International Academy of Television Arts and Sciences announced it would no longer give the actor a special Emmy award, and his agent and publicist dropped him as a client.
Anthony Rapp accused Kevin Spacey of trying to seduce him when he was aged 14.
In response to Anthony Rapp’s claims, Kevin Spacey said he had no memory of the incident and offered an apology.
Since then several others have come forward accusing Kevin Spacey of predatory behavior, including Heather Unruh who said the actor had assaulted her 18-year-old son in 2016.
Kevin Spacey’s representatives say he is seeking unspecified treatment.
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