The 29-year-old, who won silver medals in the team pursuit at the last two Olympics before retiring in late 2016, was arrested two years ago in Perth on charges of dealing ecstasy after a friend was caught during a nightclub sting.
A Perth court jury found the three-times world champion guilty of trafficking hundreds of ecstasy tablets to former professional cyclist Alex McGregor.
Bobridge, a father of one, maintained his innocence.
Judge Stephen Scott said Bobridge had fallen into "partying, drugs and alcohol" while still an elite cyclist but addiction was no excuse for supplying them into the community.
"You’ve been an outstanding athlete,” Scott said at his sentencing on Friday.
"This is an absolute tragedy."
Bobridge was jailed for a total of four years and six months and will be eligible for parole after serving two years and six months.
In a highly successful career, Bobridge rode in four versions of the Giro d’Italia and claimed four Commonwealth Games titles.
(Reporting by Ian Ransom; Editing by Peter Rutherford)
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