While it said the bans were “provisional”, the action almost certainly signals the end of the reign of Swiss Fifa president Blatter and deals a major blow to Uefa leader Platini's hopes of taking over.
On another chaotic day for football, Fifa's independent ethics committee also banned South Korean tycoon, Chung Mong-Joon, also a candidate for the Fifa presidency, for six years.
Fifa secretary general Jerome Valcke, already ordered to leave the world body over a separate ticketing scandal, was also suspended for 90 days.
The four football powerbrokers “are banned from all football activities on a national and international level. The bans come into force immediately,” said a statement.
Fifa did not immediately say who would take over running the multi-billion dollar organisation.
Blatter and French football legend Platini have faced mounting pressure since Swiss prosecutors started an investigation into the veteran Fifa president for criminal mismanagement.
Platini, who has run Uefa, based in the Swiss city of Nyon, has been named in the investigation because of a two million dollar payment he received in 2011.
The Frenchman earlier demanded an inquiry into the circumstances of the investigation against him.
The suspensions can be renewed for another 45 days when they run out in January, which would take the exclusion until just before the Fifa election to be held on February 26th.
That could rule out Platini, although it would be up to Fifa's electoral committee to decide whether he can stand.
Chung, who was also fined 100,000 Swiss francs, would be automatically ruled out of the presidential race.
The scion of the Hyundai family was found to have contravened rules while lobbying for South Korea's bid for the 2022 World Cup which was awarded to Qatar in a controversial 2010 vote.
Chung has threatened to take legal action over the ban.
Fifa's crisis has been mounting since May when US authorities issued charges against 14 Fifa officials and sports marketing executives over more than $150 million in bribes given for broadcasting and marketing contracts.
Seven Fifa officials were detained at a Zurich hotel two days before Blatter was reelected for a fifth term on May 30th.
As the storm grew, Blatter announced that he would stand down, but only when the election is held. Rivals have accused him since of seeking to cling to power.
Blatter said in an interview with a German magazine this week that he was determined to stay until February 26th. “I am convinced that evil will come into the light and good will triumph,” he said.
Platini and Chung have said they are victims of a campaign, which they suspect comes from within Fifa, to derail their bids to become Fifa president.
Media across Europe had predicted that the 90 days suspensions would be made. Platini called it an “insidious” leak that appeared to come from an official Fifa source.
He said it “is essentially an attempt to damage my reputation” and that Fifa has “flouted” its own rules.
Platini said he had still registered his official papers to be a candidate in the Fifa race on Thursday. The deadline for candidates is October 26th.
Chung said on Monday at a London sports convention that he was the victim of a “smear” campaign by Blatter who he described as “a hypocrite and a liar.”
He threatened legal action against Blatter for “embezzlement” by not declaring his salary and also in case he was stopped from running in the election.
Prince Ali bin al Hussein, a former Fifa vice president from Jordan, and Zico, a former Brazilian footballer and sports minister, are also in the election.