First year student De'Andre Johnson, 19, was initially suspended but was dropped from the team on Monday after prosecutors released the video.
He was charged with misdemeanour battery after the incident on 24 June at a Tallahassee bar.
The 21-year-old woman suffered bruising and swelling to her face, police said.
Mr Johnson, a quarterback nicknamed "Mr Football", was a standout player at First Coast High School.
He graduated early to play for Florida State, although he was not expected to become the starting quarterback in the coming season.
Florida State has one of the top university football programmes in the US. Former quarterback Jameis Winston was the number one pick in April's National Football League draft.
The security camera footage shows Mr Johnson and the woman arguing in a crowded bar. After the woman strikes Mr Johnson with her hand, he punches her in the face, throwing her off balance.
Mr Johnson remains a student at Florida State.
His family has hired Jose Baez, a prominent Florida defence lawyer.
"While it is clear from the video that De'Andre Johnson was not the initial aggressor, his family wants to take the lead in helping him learn and grow from this experience," Mr Baez said.
A promising football player at Florida State University has been kicked off the team after a video showed him punching a woman in a bar.