The 47-year-old butterfly star was sentenced in the Downing Centre District Court to a jail term of five years and six months, with a non-parole period of three years - to be served from the date of his arrest in February 2021.
Miller has been in custody since pleading guilty to supplying a large commercial quantity of methamphetamine, supplying a commercial quantity of heroin, participating in a criminal group and dealing with the proceeds of crime.
Judge Penelope Hock said Miller's limited criminal history was consistent with someone who had a drug addiction.
"He was raised in a loving and supportive family environment, however at the age of 15 he was selected the attend the AIS in Canberra and it was there his mental health problems commenced," she said.
Miller won silver at the 1996 Atlanta Olympics, saying he was "devastated" at not winning gold.
Character references from Miller's swimming coaches and friends noted his struggles in adjusting after the Olympics.
"Miller's recurrent problems with depression and substance use date back to the sacrifices and pressures of his swimming career and the disappointment of not winning a gold medal when his purpose hinged on that one event," one reference said.
Miller was arrested on February 16, 2021 after an extensive police investigation pinned him at the centre of a criminal group.
Police tracked his movements over several days, monitoring him with tracking devices in his car.
In January 2021, he met up with an unidentified individual who placed a bag of candles containing $2 million worth of methamphetamine in his car.
Miller then hid the bag in a concealed compartment in his car before driving with his co-accused Wayne Allan Johnson to Yass.
In Yass the pair met up with two other co-accused, Justin Szabolics and Lucas Peak at a motel.
There, the car was driven by Szabolics and Peak to Albury before the two dumped the candles and the car after a pursuit by police.Â
After finding the candles, police arrested and charged all four men.
Upon his arrest, police found heroin, cash and mobile phones in Miller's cupboard.
Judge Hock said the chances of rehabilitation for all the accused were good, and that they were at a crossroads in their lives.
"They are now in their mid to late 40s and they must recognise they are at a critical point, not only for them but for their families and friends who continue to love and support them," she said.
Miller will be eligible for parole in February 2024.
Szabolics was sentenced to three years in prison and will be eligible for parole in April 2024.
Johnson was sentenced to one year and 10 months' intensive correction order.
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