Mahomes sustained the injury during the Chiefs' win over the Cleveland Browns on Jan. 17 in an AFC Divisional Round game.
He completed 26 of 49 passes for 270 yards on Sunday in Super Bowl LV. He also failed to throw a touchdown pass and had two interceptions in the 31-9 loss to the Tampa Bay Buccaneers.
Mahomes -- the MVP of Super Bowl LIV in 2020 -- said the injured toe did not impact his performance in this year's Super Bowl.
"I can't say the toe was a problem when I played two weeks ago and I played well on it," Mahomes told reporters Sunday on a Zoom video conference. "If you're playing football, you have to battle through injuries."
Mahomes will need several months to rehabilitate the injury, but he is expected to make a full recovery. He also is expected to be ready for training camp.
The three-time Pro Bowl selection and 2018 NFL MVP completed a career-best 66.3% of his throws for 4,740 yards, 38 touchdowns and six interceptions this season. He posted a 14-1 record as the Chiefs starter in 2020.