The ban is one game for his red card against Getafe on Sunday and an additional four for verbally abusing the referee after being sent off.
It is more double what England and Real Madrid star Jude Bellingham received after he told a referee to 'f*** off' earlier in the season.
Bellingham got just two games, whereas the Atletico man has been slapped with a much harsher punishment.
Referee Guillermo Cuadra Fernández detailed in his official report that Correa directed a string of expletives.
Before leaving the pitch, it's reported that Correa's outburst included 'son of a huge b****, piece of s***, mother-f*****'.
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The 30-year-old was shown a red card in the 88th minute for a high challenge challenge on Getafe's Djene Dakonam which was initially given a yellow before being upgraded.
Correa's red card only added to Atlético's frustrations in their 2-1 derby loss.
The Spanish Football Federation's disciplinary committee ruled that the Argentine would serve a one-match ban for the red card and an additional four games for his verbal abuse.
Atlético's argument that Correa was under significant stress at the time was dismissed by the committee, which stated that his language was inexcusable.
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After the match, Correa issued an apology on social media, insisting he had 'total respect for referees' and regretting his actions, particularly for leaving his team a man down at a critical moment.
The ban leaves the strike unavailable for Atlético's Copa del Rey semi-final second leg against Barcelona, as well as league fixtures against Espanyol, Sevilla, and Valladolid.
Correa has netted three goals in La Liga so far this season, as well as a further three in the Champions League.
His goal tally leaves him a little way behind Atletico's top scorer so far this season, former Man City star Julian Alvarez.
Alvarez has scored 10 goals - tied in the league with teammate Alexander Sorloth and two ahead of Antoine Griezmann.
Correa's ban is more than double that of rival club's talisman Bellingham, who was banned for two matches after verbally abusing the referee.
Bellingham was shown a straight red card in what he described as 'a misunderstanding'.
The England superstar was seen mouthing words at the official in a heated conversation during Real Madrid's 1-1 draw with Osasuna.
Clearly pushing things too far, the referee chose to hand Bellingham a straight-red and give him his marching orders.
It left him and his Madrid teammates in complete disbelief - given dissent is usually considered a yellow card offence.
Getting out of hand' - Ref who sent off Jude Bellingham breaks down in tears during interview