The Chiefs sent a 2023 third-round pick and a sixth-round pick in next year's draft to the Giants to complete the trade.
Toney was the 20th overall pick in the 2021 draft by New York, but his career has been marred by injuries so far.
A hamstring issue has sidelined him since Week 2 this season, while oblique and shoulder injuries limited him to just 10 games as a rookie last year.
When healthy, however, the 23-year-old has proven to be a dangerous receiver and should provide Patrick Mahomes with another weapon at his disposal.
In 2021, he hauled in 39 receptions for 420 yards, averaging 6.1 yards after the catch. He has just two catches for zero yards this season.
The Chiefs next play on November 6 against the Tennessee Titans and it is still uncertain when Toney will be able to make his Kansas City debut due to his ailing hamstring.