The judge awarded Mills a lump sum of $33 million and nearly $16 million in assets.
McCartney will also pay for their daughter's nanny and education, while 4-year-old Beatrice will get about $70,000 a year, as well, the BBC said.
McCartney and Mills were married for four years and split up in 2006.
The couple was not able to reach a divorce settlement last month, so a decision regarding the division of their assets was made by a London High Court judge.
The divorce hearings were held in private.
A representative for McCartney, who is said to be worth about $1.6 billion, told the BBC the former Beatle will not be commenting on the settlement.
However, Mills said she is "glad it's over" and "very, very happy with the decision."
"It was an incredible result to secure mine and my daughter's future," the BBC quoted Mills as saying outside of the court Monday.