The four-time Ballon d'Or winner was given the punishment following his sending-off in Sunday evening's Spanish Super Cup first-leg victory over Barcelona.
After coming on as a second-half substitute, Ronaldo doubled Madrid's goal tally in the 80th minute, and received a booking for removing his shirt during the celebrations.
Less than two minutes later, the Portugal international was given his marching orders for a perceived dive in the penalty area, meaning that he will miss the second leg at the Bernabeu tonight.
The one-match suspension was raised to five after the 32-year-old appeared to shove the referee in the back in reaction to the red card being brandished.
The Spanish football authorities have now opted to keep the suspension in place, which means that Madrid will be without Ronaldo for the second leg, as well as La Liga matches against Deportivo La Coruna, Valencia, Levante and Real Sociedad.