It was revealed earlier in November that Toney was under investigation by the FA with the Bees releasing a short statement "noting" the England striker's situation.
The 26-year-old confirmed in his own statement that he was assisting with the FA's enquiries, saying: "I'm aware of a story about me in a national newspaper today.
"I have been assisting the Football Association with their enquiries and will not be making any comment until such investigation has reached its conclusion."
But in information released on Wednesday, the FA confirmed Toney has been charged with betting breaches stretching back 2017 during his time at Newcastle, up to 2021 after his move from Peterborough to Brentford.
A statement read: "Ivan Toney has been charged with misconduct in relation to alleged breaches of The FA's Betting Rules.
"It is alleged that the Brentford FC forward breached FA Rule E8 232 times between 25 February 2017 and 23 January 2021.
"Ivan Toney has until Thursday 24 November 2022 to provide a response."
Brentford said in a statement: “Brentford FC has been informed that Ivan Toney has been charged with breaches of FA Rule E8.
“The club has been in discussion with Ivan and his legal representatives about this matter and those conversations will continue privately.
“We will make no further comment until the matter has been completed.”
The news comes after Toney was omitted from Gareth Southgate's final England squad for the World Cup.
The forward has scored 10 goals in the Premier League this season, including two in Brentford's shock 2-1 win at Manchester City on Saturday.
