The poster was shot for fashion students at Southampton Solent University and put on sale to make money for their final year show.
The 14 women, aged 21 to 25, posed in the main picture with only strips of wool or material to cover their modesty.
The poster was put up in a main public area but sparked complaints from staff and it was subsequently removed.
A university spokesman said: “The Calendar Girls poster was a final-year student fundraising initiative, organised and funded by the students to raise money towards their end-of-year fashion shows.
“Following a couple of complaints, the university decided, in the interests of sensitivity, to remove the promotional posters from public view.
“However, the students are still able to sell their fundraising posters off campus.”
One of the students who posed for the picture, Vicky Hicks, 22, said the group only wanted to raise £4,000 to help produce the fashion show, which was important for their careers.
“I really don’t understand why it was banned in the university,” she told a local newspaper.
“A lot of friends at different colleges and universities have done the same.”