On-loan Arsenal midfielder Emmanuel Frimpong and Addicks striker Danny Haynes both claimed they were racially abused by home supporters during the goalless draw at The Den.
But Charlton have decided to take no further action after holding talks with the players, police and club officials at Millwall.
A statement on the official website read: "Following reports of the racial abuse of Charlton players during Saturday's match against Millwall, and subsequent consultation between the club officials, the police and players concerned, it has been decided that no formal complaint will be made to the police.
"Charlton are satisfied that Millwall are taking the issue of racism by supporters very seriously."
Millwall have expressed disappointment about the players' decision to voice their concerns on Twitter before contacting them about the allegations.
The club also reiterated its commitment to work closely with organisations which combat racism in football.
A statement read: "The players concerned have made it clear that they do not wish to make a formal complaint to police, and in the absence of any corroborative evidence of racism we consider this matter closed.
"Whilst, as a club, we are disappointed that once again players have sought to make assertions via social media networks rather than draw any concerns to our attention through the appropriate channels immediately, we are grateful to Charlton for their co-operation in dealing with this matter.
"We are committed to continuing to work alongside organisations including Kick-It-Out and Show Racism the Red Card towards the eradication of racism in all its forms from football."