Any IBF champion who fights at the Rio Olympics will lose their title.
The IBF claimed it was safety risk for professionals to face amateurs and said any boxer who competes in Rio will be removed from its ratings for a year.
Britain's Anthony Joshua, James DeGale and Kell Brook all hold IBF titles but are not expected to compete in Rio.
Professionals will be able to fight at the Olympics for the first time after the International Boxing Association (AIBA) approved a rule change in June.
"We felt it was important for the IBF to take a stance as part of our commitment to this sport is to promote the health and well-being of the boxers," said IBF president Daryl Peoples.
The Rio Games get under way on 5 August.