The group held the vote in response to Uspaskich's recent video where he used such words as "perverts" and "fags".
Dacian Ciolos, president of Renew Europe, has called the content of the video message "hateful and clearly homophobic" and "totally unacceptable".
Seventy-two MEPs voted in favor of expelling Uspaskich, six were against and another six abstained.
In a letter sent to his fellow MEPs last week, the leader of the Lithuanian Labor Party offered his apology, saying that his words were "perhaps too rude", but insisted that did not mean to insult LGBT people. He accused his political opponents and the media of biased reporting.
Uspaskich made his remarks that caused public outrage in a video that was streamed live on Facebook earlier this month.
"In some European countries, it's even dangerous to say today that you're of natural (sexual) orientation. I don't want my conversations, (Facebook) shows to be commented by all kinds of fags, because this show isn't for them. I'm talking about fags, perverts. It's not their fault that they were given this life (...), that they feel like women wearing men's clothes. Most of them keep it to themselves. But those who stick their dick under a skirt and go into the street and shout are fags and perverts, and such things must not be tolerated," he said.