Yu has been banned for 10 years and nine months after an investigation discovered he manipulated the outcome of five matches over a two-and-a-half-year period.
The independent tribunal which ruled on his case said in its decision that he "engaged in deliberate and premeditated corruption to secure substantial financial gain for his friends/associates and himself".
Yu also admitted lying to the investigator, failing to cooperate with the investigation and betting on snooker when prohibited from doing so.
The 31-year-old, whose ban will run until February 24 2029, will serve the longest suspension since English player Stephen Lee received a 12-year ban in 2013.
Cao, 28, has been banned for six years, although three-and-a-half years of his punishment are suspended. He was found to have fixed three different matches.
The tribunal found that, on one of the matches Yu fixed, the stakes placed on the result were £65,000 and would have generated a profit of £86,000.
The tribunal described Yu's actions as "a scourge to the game of snooker".
Both players were investigated by the World Professional Billiards and Snooker Association (WPBSA) before a tribunal ruled on the outcomes.
Chairman of the WPBSA Jason Ferguson said in a statement: "It is very sad when talented players are attracted to the opportunity to make money from fixing matches. The WPBSA has very effective prevention and monitoring processes that protect the sport. Where players ignore this, they risk their careers and they will be caught.
"Cao Yupeng has shown true remorse and he will assist the WPBSA in player education and in its fight against corruption, which is reflected in his reduced sanction."
Yu admitted agreeing to fix the outcome of his 2015 matches against Martin McCrudden at the Indian Open qualifiers and Dominic Dale at the Paul Hunter Classic, his 2016 match against Ian Glover at the Welsh Open and his 2017 matches against Michael Georgiou at the European Masters qualifiers and Kurt Maflin at the Shanghai Masters.
Cao admitted agreeing to fix the outcome of his 2016 matches with Ali Carter at the Welsh Open, Stuart Bingham at the Indian Open qualifiers and Stephen Maguire at the UK Championships.
There is no suggestion any of the opponents were aware of the pair's match-fixing plans.
