Rice is said to have struck his then fiancee and now wife Janay unconscious in February in an incident at the Revel Casino in Atlantic City, New Jersey.
Following an evaluation of the events, NFL commissioner Roger Goodell has elected to suspend the 27-year-old for the opening two matches of the 2014 campaign, which will see the Ravens face a pair of AFC North rivals in the form of the Cincinnati Bengals and the Pittsburgh Steelers.
"It is disappointing that I will not be with my teammates for the first two games of the season, but that's my fault," Rice said in a statement. "As I said earlier, I failed in many ways.
"But, Janay and I have learned from this. We have become better as a couple and as parents. I am better because of everything we have experienced since that night. The counselling has helped tremendously.
"My goal is to earn back the trust of the people, especially the children, I let down because of this incident.
"I am a role model and I take that responsibility seriously. My actions going forward will show that."
Ravens general manager Ozzie Newsome added: "While not having Ray for the first two games is significant to our team, we respect the league's decision and believe it is fair.
"We appreciate the thorough process the league office used to evaluate the incident with Ray Rice. The time the commissioner spent with Ray and Janay is typical of the extra steps the NFL takes when making decisions regarding discipline issues.
"We respect the efforts Ray has made to become the best partner and father he can be. That night was not typical of the Ray Rice we know and respect. We believe that he will not let that one night define who he is and he is determined to make sure something like this never happens again."
Rice, who has over 6000 rushing yards and 43 touchdowns to his name in his career in Baltimore, is scheduled to return in time for the Ravens' trip to face the Cleveland Browns at FirstEnergy Stadium on September 21.