Those who have lost medals are likely to appeal to the Court of Arbitration for Sport.
IOC spokesperson Giselle Davies said: "The decision was based on the fact that they were part of a team, that Marion Jones was disqualified from the Sydney Games due to her own admission that she was doping during those games.
The IOC has not yet decided on the reallocation of the medals, because it must first determine whether any other athletes were involved in the Balco scandal.
Balco boss Victor Conte provided the performance-enhancing steroid, THG, to athletes including Jones and Dwain Chambers.
Jones had been hailed as one the greatest ever female Olympians after the Sydney Games as she was the first female to win five medals in one Olympics.