The 30-year-old will have to return her gold medal.
Korzhanenko won the first athletics gold of the Games at Ancient Olympia and failed a test carried out immediately after the event. It is her second doping offence in international competition and is likely to end her career.
Cuban silver medallist Yumileidi Cumba will now take gold. Nadine Kleinert of Germany will move up to silver and another Russian, Svetlana Krivelyova, will take bronze.
Her positive tests were for stanozolol, the anabolic steroid used by Canadian Ben Johnson when he won the 1988 Seoul 100 metres final in record time. He was stripped of the medal.
Korzhanenko, the European champion, was awarded the 1999 world indoor gold medal when Ukrainian Vita Pavlysh was banned for doping but lost the title herself after a positive test.
