The TV ad broke in February. It features a group of male friends leaving for a road trip in the early hours of the morning before embarking on a series of activities in a snowy mountainous terrain.
These tasks included pushing a truck through a snowdrift and jumping in the ocean.
Later they were shown in a bar where they each received a shot of Jägermeister in a frozen glass and were shown raising their glasses to one another whilst the voiceover stated: "Jägermeister. It runs deep."
The ASA upheld a complaint that the ad linked alcohol with tough daring behaviour and ruled that the ad cannot be shown again in its current form.
However, the ad watchdog dismissed two other complaints that the ad encouraged irresponsible and immoderate drinking and implied that alcohol was key to the social success of occasions.