The ad, created by United London for the Home Office, features a superhero character climbing scaffolding and swinging like a gymnast until he reaches the top, before falling to his death.
The final shot in the ad reveals that the falling figure was no longer a superhero, but a young man who lands on the ground with a thud.
The harrowing images are accompanied by a voiceover which states: "Too much alcohol makes you feel invincible when you're most vulnerable."
The ad led to eight complaints, some from viewers who felt the campaign was too graphic, while others said they were scheduled too early and children had been distressed by them.
United London, which responded on behalf of the Home Office, argued that the scenario of someone falling from a building was a typical Saturday night drinking-related accident.
The agency denied the ad was scheduled too early, arguing that day-time and early evening showings were crucial if the ad was to reach the 18- to 24-year-old audience before they left for the pub.
The ASA investigated the complaints, but found the campaign "was unlikely to cause serious distress to an adult audience, who were unlikely to find the graphic nature of the ad disproportionate to the seriousness of the message".
The advertising watchdog also cleared the ad for young adults, judging the existing restrictions on broadcast around children's programmes to be sufficient. It said: "We recognised the importance of the ad's message and considered that, although the scene of the falling man could distress some young children, an ex-kids restriction was sufficient to prevent those children from seeing the ad."
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