The campaign has already been given the green light by the Advertising Standards Authority, but TfL believed that the content, featuring a mermaid and the line "wave after wave of pleasure" was still likely to offend passengers.
A TfL spokesman said: "Consumers purchasing magazines make a conscious choice to read a magazine. Millions of people travel on the London Underground each day and they have no choice but to view whatever ads are posted there.
"We therefore have to take account of the full range of travellers and endeavour not to give offence in the advertising we display."
The Rampant Rabbit, which became famous after its appearance in 'Sex and the City', is one of Ann Summer's most popular products. Despite the Tube ban the campaign is still being run in magazines.
The vibrator brand was in the headlines earlier this week when an armed robber was jailed for five years for holding up a bookmakers with a Rampant Rabbit concealed in a bag to look like a gun.