Hasselbaink was accused of deliberately elbowing Southampton's Claus Lundekvam during Saints' 4-2 victory at Stamford Bridge on New Year's Day.
Jimmy becomes the latest player to escape a ban following last week's not guilty decisions for Patrick Vieira, Alan Smith and Mark Viduka.
It is the third time this season that Hasselbaink has been cleared of a misconduct charge. Firstly, he was sent off for alledgedly elbowing Martin Keown only to have the FA overturn the decision. He was then sent off against Tottenham in the infamous Worthington Cup semi final defeat. But television evidence later proved that it was Mario Melchiot who was the guilty party and Hasselbaink escaped any ban.