An anonymous bidder bought the gloves at an auction in Cleveland, US.
The bout, dubbed the "Fight of the Century", saw Frazier beat Ali by a unanimous decision to become the undisputed World Heavyweight Champion.
Ali later beat Frazier in 1974 and 1975, cementing his reputation as the greatest boxer of all time.
The fight was laden with political as well as sporting significance, as Ali had been stripped of his title for refusing to enlist in the US Army during the Vietnam War.
A previous pair of gloves worn by Ali in his first World Championship fight were sold for $836,500 by the same auction house.
The boxing gloves worn by Muhammad Ali during his 1971 fight with Joe Frazier have been sold at auction for $388,375.