The 26-year-old last week admitted he was assisting the FA with its investigation into historic breaking of gambling rules.
The alleged breaches stretch from 2017, when Toney was on Newcastle's books, to 2021, after he had joined Brentford from Peterborough.
The FA said on Wednesday: "Ivan Toney has been charged with misconduct in relation to alleged breaches of the FA's betting rules.
"It is alleged that the Brentford FC forward breached FA rule E8 232 times between February 25, 2017 and January 23, 2021.
"Ivan Toney has until Thursday, November 24 to provide a response."
Toney was a contender for England's World Cup squad, having been called up for the recent Nations League fixtures, but was omitted when Gareth Southgate named his travelling party last week.
When news of the FA probe broke on November 6, Toney wrote on Twitter: "I'm aware of a story about me in a national newspaper today.
"I have been assisting the Football Association with their enquiries and will not be making any comment until such investigation has reached its conclusion.
"I am a proud Englishman and it has always been my childhood dream to play for my country at a World Cup finals."
The FA has strict betting rules and if a player is found guilty it can impose "financial penalties, suspensions, and in some instances, lifetime bans".
Toney has scored 11 goals this season, including both in Brentford's shock 2-1 win at Manchester City on Saturday.
Brentford said in a statement: "Brentford FC has been informed that Ivan Toney has been charged with breaches of FA Rule E8.
"The club has been in discussion with Ivan and his legal representatives about this matter and those conversations will continue privately.
"We will make no further comment until the matter has been completed."