The actress, 24, has backed off her demand that the magazine yank its March issue after she received a letter of apology from founder and publisher Hugh Hefner, the Associated Press reports.
Alba was upset because she had not agreed to be on the cover, which she said suggested she appeared nude inside the issue. Alba was shown in a bikini next to the headline "25 Sexiest Celebrities."
"I appreciate Mr. Hefner's acknowledgment of the distress caused by Playboy's actions, and I'm happy to put this unfortunate event behind me," Alba said in a statement Tuesday. "This was never about money, it was about setting the record straight about something that was done without my knowledge or consent."
Playboy also made undisclosed donations to two charities Alba supports, Keep A Child Alive and Until There's A Cure, according to her rep, Brad Cafarelli.
"Hef felt bad that Jessica was upset and apologized for unintentionally hurting her feelings. We're happy the matter has been amicably resolved," said Playboy spokeswoman Lauren Malone.