Irving tweeted a link to controversial film 'Hebrews to Negroes: Wake Up Black America' last Thursday.
Nets owner Joe Tsai condemned the star guard for promoting a film he alleged to be "full of anti-Semitic disinformation".
Irving said last weekend he would not "stand down" and pointed to the "historical complexities" of African heritage in America, but he subsequently deleted the social media post that sparked the uproar.
A number of fans wore 'Fight Antisemitism' T-shirts, with the 30-year-old facing a furious backlash.
Irving and the Nets have decided to donate $1million between them towards causes and organisations "that work to eradicate hate and intolerance in our communities."
A joint-statement from Irving, the Nets and the Anti-Defamation League (ADL) said: "The events of the past week have sparked many emotions within the Nets organisation, our Brooklyn community, and the nation.
"The public discourse that followed has brought greater awareness to the challenges we face as a society when it comes to combating hate and hate speech. We are ready to take on this challenge and we recognise that this is a unique moment to make a lasting impact.
"To promote education within our community, Kyrie Irving and the Brooklyn Nets will each donate $500,000 towards causes and organisations that work to eradicate hate and intolerance in our communities.
"The Nets and Kyrie Irving will work with ADL (the Anti-Defamation League), a non-profit organisation devoted to fighting antisemitism and all types of hate that undermine justice and fair treatment for every individual. This is an effort to develop educational programming that is inclusive and will comprehensively combat all forms of antisemitism and bigotry."
Irving said: "I oppose all forms of hatred and oppression and stand strong with communities that are marginalised and impacted every day. I am aware of the negative impact of my post towards the Jewish community and I take responsibility.
"I do not believe everything said in the documentary was true or reflects my morals and principles. I am a human being learning from all walks of life and I intend to do so with an open mind and a willingness to listen. So from my family and I, we meant no harm to any one group, race or religion of people, and wish to only be a beacon of truth and light.”
ADL chief executive Jonathan Greenblatt said: "At a time when antisemitism has reached historic levels, we know the best way to fight the oldest hatred is to both confront it head-on and also to change hearts and minds. With this partnership, ADL will work with the Nets and Kyrie to open dialogue and increase understanding.
"At the same time, we will maintain our vigilance and call out the use of anti-Jewish stereotypes and tropes – whatever, whoever, or wherever the source – as we work toward a world without hate."