The pair reportedly had an altercation at lunch on the second day of the first Test at Trent Bridge and subsequently faced separate ICC charges.
England pace bowler Anderson had a level three offence imposed against him, while India all-rounder Jadeja was initially found guilty of a level one indiscretion but was allowed an appeal.
Both players had their hearing on Friday and received a reprieve from the game's governing body.
Anderson was accused of "abusing and pushing" Jadeja and appeared set to be hit with a ban, which could have been as lengthy as four Tests.
However, the Lancashire seamer – who won the man of the match award as England levelled the five-match series at 1-1 with a 266-run win in Southampton on Thursday – has escaped punishment.
The 32-year-old will now be allowed to play in the fourth Test, which starts in six days' time, at his home ground of Old Trafford, as well as in the finale at The Oval.
Jadeja was fined 50 per cent of his match fee - the highest possible punishment for a level one offence - and had been told that he could not appeal, but the Board of Control for Cricket India (BCCI) managed to reverse that decision.
An ICC statement read: "His Honor Gordon Lewis AM, the Judicial Commissioner, has found both England's James Anderson and Ravindra Jadeja of India not guilty of breaching the ICC code of conduct.
"The Judicial Commissioner reached his decisions following a six-hour hearing, which took place via video conference. Witnesses, including some Indian and English players, provided evidence and were cross-examined by the respective legal counsels."