Half Hollow Hills High School East said the five were suspended for one day on Thursday. The two students involved in the fight got five-day suspensions.
The brawl was captured on a cell phone camera and posted on YouTube on Monday. It shows two students throwing punches.
School spokeswoman Chris Geed said "sensationalizing violence like this is inappropriate and students need to understand that.''
School officials identified the students from surveillance cameras.
They say all students sign a code of conduct requiring them to report inappropriate conduct.
YouTube removed the video on Thursday.