Senators voted 55-22 in favour of the move following hours of debate, meaning Rousseff is automatically suspended for 180 days.
That means she will not be able to attend the Olympics in an official capacity with the Rio 2016 Opening Ceremony looming on August 5.
Rousseff is accused of "fiscal irresponsibility" for allegedly trying to manipulate budget gaps during the 2014 election but has denied any wrongdoing.
She attempted to halt proceedings at the Supreme Court but this was rejected and she has now been removed from power.
