Ofcom ruled that the station was responsible for a serious breach of the broadcasting code on impartiality in politics.
The station allowed a sitting MP to use his position as a presenter on a radio station to promote his own possible candidacy in a parliamentary seat; using that position to attack a potential political opponent, without giving him an opportunity to respond.
The regulator said the breach was serious enough to merit a sanction, but let the station off as it was the first example of TalkSport being in breach of political impartiality requirements.
Galloway, currently the MP for the Respect Party in the constituency of Bethnal Green and Bow, was standing in for the host of the late morning programme in August. During the show he announced his intention to stand in the next general election in the constituency of Poplar and Limehouse.
He went on to criticise the latter area's current MP, Jim Fitzpatrick, as the minister responsible for closing Post Offices.
Galloway said: "He is the minister for the shambles at Heathrow. He is the former fire-fighter who betrayed his former workmates by opposing the great battle of the fire brigades union."
Fitzpatrick is Parliamentary Under Secretary of State for Employment Relations and Postal Services, Minister for London.
In another broadcasting standards case Ofcom looked at a number of complaints the West Midlands Police made about the Channel 4 'Dispatches' documentary, 'Undercover Mosque', which was shown in January.
The documentary secretly recorded footage of extremist Islamic views being expressed by preachers and teachers.
The police force had previously asked the Crown Prosecution Service to consider whether to prosecute the documentary makers on the grounds of stirring up racial hatred.
After the CPS decided there was no likelihood of a conviction, the WMP complained to Ofcom that the programme was misleading because of the way it was edited.
However, Ofcom has now ruled that the programme accurately represented the material it gathered and dealt with the subject matter responsibly and in context.