Anne Hoffmann had stirred up a storm of controversy when on Wednesday the magazine published the 'interview' - the first since Schumacher suffered a serious brain injury in a 2013 skiing accident in the French Alps.
Schumacher's family, who have carefully guarded the German's privacy since the accident, said they were planning to take legal action against the magazine.
Bianca Pohlmann, director of the Funke magazine group, apologised to the family on Saturday.
"This article was in bad taste and misleading and should never have appeared," said Pohlmann in a statement.
"It does not meet in any way the standards of journalism that we - and our readers - expect of a group like Funke.
"The Editor-in-Chief of Die Aktuelle, Anne Hoffmann, who has been in charge since 2009, has been relieved of her role as of now."
The article included quotes attributed to Schumacher discussing his family life since the accident and his medical condition.
Schumacher has not been seen in public since the injury and little information has been given publicly on his condition.
Reports suggest Schumacher has memory, movement and speech problems and is being cared for at home near Geneva.
"'Private is private', as he always said," Corinna Schumacher, Michael's wife, said in a 2021 Netflix documentary.
"Michael always protected us and now we are protecting Michael."
Schumacher's seven Formula 1 titles are equal best alongside Lewis Hamilton (38). The German recorded 91 Grand Prix victories, second only to Hamilton's 103.
Michael's son, Mick (24), is also a Formula 1 driver and currently a reserve driver with Mercedes.
