Lohan will also serve 10 days of community service and complete a drug treatment program under the deal reached overnight at the Beverly Hills Superior Court.
"She's getting what everyone else would get," Los Angeles deputy District Attorney Danette Meyers said after an hour-long hearing.
Lohan was charged with seven misdemeanour counts following her twin drink-driving arrests.
The Los Angeles County District Attorney's office said Lohan faced two counts each of driving under the influence, driving with excessive alcohol and being under the influence of cocaine.
The 21-year-old star of Herbie Fully Loaded and Georgia Rule also faced one count of reckless driving.
But Lohan, who has been enrolled in an intensive program at a Utah rehabilitation centre since her second arrest in July, was spared felony drug possession charges which could have led to a substantial prison sentence.
The district attorney's office said that while Lohan had been found in possession of cocaine at both of her arrests in May and July, the amounts involved were below the 0.05 grams required for felony charges.
Lohan released a statement today admitting she was "addicted to alcohol and drugs", Entertainment Tonight reported
"It is clear to me that my life has become completely unmanageable because I am addicted to alcohol and drugs. Recently, I relapsed and did things for which I am ashamed. I broke the law, and today I took responsibility by pleading guilty to the charges in my case.
"No matter what I said when I was under the influence on the day I was arrested, I am not blaming anyone else for my conduct other than myself. I thank God I did not injure others. I easily could have.
"I very much want to be healthy and gain control of my life and career and have asked for medical help in doing so. I am taking these steps to improve my life. Luckily, I am not alone in my daily struggle and I know that people like me have succeeded. Maybe with time it will become easier. I hope so."
Lohan was first arrested on May 26 after smashing her Mercedes into a curb in Beverly Hills before being accused of driving under the influence.
Within days, Lohan had enrolled in a detox program at the Promises rehabilitation centre in Malibu.
It was her second stint in rehab of 2007; she was admitted for treatment in January after reportedly being discovered passed out in a hotel corridor following the Golden Globes awards.
However, within days of leaving rehab, Lohan was arrested for drink-driving again when she was stopped in Santa Monica on July 24.
Lohan was alleged to have chased the mother of her personal assistant, who called police to report the incident.
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