After accepting the FA ban on Thursday's deadline for any appeal, Terry will now miss the Premier League match at Tottenham on Saturday, back-to-back games against Manchester United in the league and the Capital One Cup, and a league match against Swansea.
In between, he will be available to travel to Ukraine next week for the first of the two Champions League games against Shakhtar Donetsk. The timing of the suspension means he will also avoid playing against United's Rio Ferdinand, who has made clear his upset at Terry's treatment of his brother.
In a statement, Terry apologised to "everyone" for his use of the offensive phrase, but did not specifically mention Anton Ferdinand and re-stated his "disappointment" at the FA finding him guilty. He was cleared of criminal charges by a magistrates court in July.
Chelsea welcomed Terry's decision not to appeal. "Chelsea Football Club believes John Terry has made the correct decision by not appealing against the FA judgment relating to language he used at the QPR match last October," it said in a statement.
"Chelsea also appreciates, and supports, John's full apology for the language he used. The club firmly believes such language is not acceptable and fell below the standards expected of John as a Chelsea player.
"The board has conducted its own investigation into the matter, and considered the various issues involved. The board has taken further disciplinary action in addition to the four-match suspension and £220,000 fine imposed by the FA. In accordance with our long-standing policy, that disciplinary action will remain confidential."
Lord Ouseley welcomed Terry's apology, but said it had come 11 months too late, and called on Chelsea to play a part in repairing what he called "a hugely damaging period" in the English game. "A personal apology last October would have clinched it and saved everybody the pain they have gone through. It has been intolerable for Anton Ferdinand and his family, with the hurtful and abusive messages they have been subjected to," he said.
"There has been a lot of damage done to the game and to many of those involved. Chelsea would acknowledge that their reputation has been damaged, John Terry's reputation has been damaged, we have all been through a form of hell. But now that John has accepted his punishment and Chelsea have taken action we are at the next stage, and we have to try and repair the damage of the last year. Chelsea and John Terry can play a part in that process.
"They have to recognise that the hurt exists. Black players and white players have been unable to talk to each other, and there has been conflict between black players. Chelsea should be leaders in contributing to rebuilding the game."
Ouseley also criticised the delay in the FA disciplinary process, saying it had "screwed" Kick It Out, as many players believed they had a part in the drawn-out process.
"We need the FA to say that whatever happens in future, this sort of delay will not happen again. The judicial bodies have their responsibilities, but the FA must say 'we are the regulators of the game', and have this done in days or weeks, not months."
Roberts said Chelsea should have considered harsher punishment for such a high-profile employee.
"If you use that sort of language in the workplace, what sanction would you expect to be given? I don't know. You say about fans saying it on the sidelines and what would happen to them?
"The fact someone is such a huge part of a club, you have to make a decision on that and as I said, it's come a year too late, and we'll wait and see what the authorities further have to do about it.
"Certainly a four-game ban is nowhere near what people would expect for something like this. I guess it's up to Chelsea to do what's right."
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