Seven and Nine both lodged a mutually-agreed settlement in the Federal Court on Friday, the Australian Financial Review reports.
Nine has also agreed not to rebroadcast or distribute its first series.
Both sides will pay their own legal costs.
Seven reportedly prepared a side-by-side comparison of Hot Plate with My Kitchen Rules to argue its case.
Seven lost a 2015 injunction to stop Nine’s show from airing but was given the all clear to proceed with a full copyright case.