The 47-year-old, who served as head coach of the Chinese national team between 2019 and 2021, confessed earlier this year to fixing matches, accepting bribes, and offering bribes to land the job.
Li pleaded guilty in March to taking over $16million in bribes, starting from his time as assistant coach at the Hebei China Fortune Club in 2015, until 2021, when he quit as China's coach.
In exchange for the bribes, Li would select certain individuals for the national team and help football clubs win competitions.
His imprisonment comes as part of Chinese president Xi Jinping's anti-corruption crackdown.
Three former officials from the Chinese Football Association (CFA) have also handed jail sentences for bribery earlier this week.
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Li, who made 34 Premier League appearances for Everton between 2002 and 2006, confessed to his offences in an anti-corruption documentary aired Chinese state broadcaster CCTV earlier this year.
The 92-cap former China international said: "I'm very sorry. I should have kept my head to the ground and followed the right path.
"There were certain things that at the time were common practices in football."
Li had made 92 appearances for China and played at the 2002 World Cup, his country's only appearance in the tournament so far.
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As head coach of his country, he took charge of 12 games, winning six times and losing five, having previously served as assistant coach between 2016 and 2017.
The news of his imprisonment comes after his former boss, ex-CFA president Chen Xuyuan, was sentenced to life in prison earlier this year for accepting bribes worth $11 million.
President Xi has previously spoken of his ambition to turn China into a major football power.
In 2011, he revealed his "three wishes" for Chinese football: to qualify for the World Cup again, to host the tournament and to one day win the trophy.
The national team have struggled in recent years, and were eliminated from 2026 World Cup contention in March after defeats to Japan, Vietnam and Oman.
However, recent revelations surrounding key footballing figures in the country have dealt another blow to their aspirations in the sport.