Robyn Gibson will return to using her maiden name, Robyn Denise Moore, but other details of the divorce were kept confidential. The settlement becomes effective on January 9.
Gibson, 55, and his wife married in Australia in 1980 and have seven children together.
The couple separated in 2006 after Gibson was arrested for drunk driving in Malibu, California, and made anti-Semitic remarks that generated headlines around the world.
The actor's wife sued for divorce in April 2009, citing irreconcilable differences following Gibson's relationship with Oksana Grigorieva, with whom he has a 2-year-old daughter.
The "Lethal Weapon" star pleaded no contest to misdemeanor battery following an altercation with Grigorieva in 2010, and was sentenced to three years' probation.
He recently settled a custody battle with his former girlfriend, agreeing to pay Grigorieva $750,000 and share custody of their daughter.
The Oscar winner's turbulent five years since his arrest and the anti-Semitic rant have tarnished his reputation and set back a remarkable career that had made him one of Hollywood's highest paid actors, directors and producers.
While no details of the divorce settlement were released, the actor was previously estimated to be worth $900 million, and he owns several properties in the wealthy, seaside enclave of Malibu, outside Los Angeles.