The tech giant's commercial had prompted as many as 280 complaints from consumers - most of whom were Amazon Prime customers - after they did not receive their packages within a day.
In response to the complaints, the UK advertising regulator said the ad "must not appear again in its current form", adding that the American firm must make it apparent to consumers that a significant number of its products are not actually available for next-day delivery.
According to the Advertising Standards Authority, ads for Amazon Prime suggested customers would assume "one-day delivery" applied to all Prime-labelled products.
But elsewhere on the Amazon website, it states that delivery for the one-day service was "one business day after dispatch".
In its ruling, the regulator said: "Because consumers were likely to understand that, so long as they did not order too late or for Sunday delivery, all Prime-labelled items would be available for delivery the next day with the One-Day Delivery option, when a significant proportion of Prime-labelled items were not available for delivery by the subsequent day with One-Day Delivery, we concluded that the ad was misleading."
Amazon, for its part, has claimed that the "overwhelming majority" of one-day orders arrived on time, but the firm also acknowledged that a "period of extreme weather" in 2017 meant that "a small proportion of orders" didn't meet the deadline.