A sponsorship switch to Nike in January by the former world No. 1 prompted Oakley to launch legal action to try to retain its sponsorship deal, saying it had the right to match any improved agreement with another company.
"The legal claims brought by Oakley against Rory McIlroy in California have been amicably settled to the satisfaction of both parties," a statement released on behalf of McIlroy said.
"I am delighted the case is now behind me," McIlroy was quoted as saying.
McIlroy said earlier this month that his legal worries had weighed on him during a disappointing season.
In September he terminated his contract with Dublin-based Horizon Sports Management to form his own management company and the acrimonious split has also reached the courts.
(Reporting by Conor Humphries; Editing by Clare Fallon)
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