The allegation concerns King's 4-0 defeat to Joe Perry in last month's Welsh Open first round.
A statement from the World Professional Billiards and Snooker Association read: "WPBSA chairman Jason Ferguson has today taken the decision to suspend Mark King from attending or competing on the World Snooker Tour with immediate effect.
"This follows an initial investigation of irregular betting patterns reported to the WPBSA on the match between Mark King and Joe Perry at the Welsh Open on 13th February 2023.
"The suspension will remain in place until the conclusion of the investigation or any subsequent charges that may or may not be brought. Mark King has the right to appeal this decision."
King's only ranking title came at the 2016 Northern Ireland Open while his world ranking peaked in 2002 at number 11. He currently lies 57th on the one-year list.
His suspension follows those of 10 Chinese players, including major champions Zhao Xintong and Yan Bingtao, on charges related to match-fixing and betting on snooker. Their hearing begins on April 24, the mid-point of this year's World Championship.