The rapper, whose real name is Marshall Mathers, sued Apple in 2004 for copyright infringement over its use the previous year of words from his "Lose Yourself" song to promote the iTunes Music Store, E! Online reported.
MTV, which aired the commercials, and its parent Viacom, also were named in the lawsuit and were parties to the settlement.
All parties kept public comments to a minimum, with an Eminem lawyer saying only that his client had "reached an amicable resolution" and MTV confirming the legal fight had been "amicably resolved."
Apple did not comment.