The Advertising Standards Authority decided yesterday that the advert for the singer's new perfume, Heat, was "sexually provocative" and therefore "unsuitable to be seen by young children".
The advert shows Beyoncé dancing seductively in a revealing dress and making provocative gestures.
The ASA said that the advert may be "distasteful to some" but was "unlikely to cause serious or widespread offence to most viewers", particularly adults and older children.
However, it upheld complaints from several viewers who were unhappy that the advert had been broadcast during the middle of the day around family programmes, despite being given an ex-kids restriction by Clearcast, the body that vets TV adverts.
The ASA said: "We considered that the ad should not have been shown before 1930hrs due to the sexually provocative nature of the imagery."
The ruling means that the advert may still be aired after 1930hrs.
Mike Judge, of The Christian Institute, raised concern over the effect of such adverts on young girls.
"As Christmas approaches we are bombarded by inappropriate perfume adverts on TV, the high street and in our shopping centres," he said.
"These ads only contribute to society's sexualisation, which more and more people are speaking out against.
"Sexualisation damages all in society but in particular it puts pressure on young girls and women to conform to a 'perfect' body image."
He added: "The ASA took action against this advert after 14 people made complaints, which shows it only takes a handful of people to say something is inappropriate, and it can make a real difference."
Coty, the manufacturer of Beyoncé's perfume, defended the advert by claiming that it was "consistent with, if not less graphic than, many music videos".
Earlier this year, legendary music producer Mike Stock warned that children were being "sexualised" by today's pop culture and that parents were even losing faith in brands like Disney.
"The music industry has gone too far. It's not about me being old fashioned. It's about keeping values that are important in the modern world," he said.
"These days you can't watch modern stars – like Britney Spears or Lady Gaga – with a two-year-old.
"Ninety-nine per cent of the charts is R 'n' B and 99 per cent of that is soft pornography."