The forward was cited for collecting Blakey in the jaw with a swinging right arm during the first quarter of Friday night's elimination final at the MCG, which forced the Swan to leave the field for a concussion test.
Martin, who kicked two crucial goals in the Blues' six-point win, then went down back late to take two big intercept marks and help save the game, was charged with striking.
Match review officer Michael Christian graded the hit careless conduct, high contact and high impact, resulting in a two-match ban.
It rules Martin out of Carlton's knockout semi-final against Melbourne on Friday night and the subsequent preliminary final, if they get there, unless the Blues successfully challenge the ban at the AFL tribunal.
Blakey passed his concussion test and returned to the field, gathering 23 disposals in the Swans' season-ending defeat.
"It was frustrating. I started on the bench and came on and had to get a HIA (concussion test)," Blakey told AAP after the match.
"It was frustrating but that's footy.
"I went for a ground ball and got hit in the head. That's all it was."
Martin's ban comes after Collingwood defender Brayden Maynard and Melbourne forward Jacob van Rooyen were both cited by the MRO over incidents in Thursday night's qualifying final.
Maynard was sent straight to the tribunal, charged with rough conduct over the collision that left Demons midfielder Angus Brayshaw concussed.
Van Rooyen was dealt a one-match ban for striking Magpies forward Dan McStay.
Sydney forward Tom Papley can accept a $1500 fine for making careless contact with an umpire.
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