In comments reported by Rolling Stone magazine, the two rock'n'roll veterans agreed it was time to move on.
Fans will be relieved to see them burying the hatchet, as the row had threatened to undermine plans to celebrate the Rolling Stones' 50th anniversary this year and to go on another world tour.
"Looking back at any career you are bound to recall both the highs and the lows," Jagger was quoted as saying. "In the 1980s for instance Keith and I were not communicating very well.
"I got very involved with the business side of the Stones, mainly because I felt no-one else was interested, but it's plain now from the book that Keith felt excluded, which is a pity. Time I reckon to move on."
Richards added: "Mick's right. He and I have had conversations over the last year of a kind we have not had for an extremely long time and that has been incredibly important to me.
"As far as the book goes, it was my story and it was very raw, as I meant it to be, but I know that some parts of it and some of the publicity really offended Mick and I regret that."
An eagerly anticipated world tour by one of the world's biggest music acts is now not expected to happen until 2013 at the earliest, according to the same magazine.
Some industry sources had put the delay down to the argument between Richards and Jagger, but Rolling Stone said it may be more closely linked to concerns over Richards' health.
"The quality of the guitarist's performances declined after he suffered a head injury on vacation in Fiji in April 2006, midway through the Bigger Bang tour," the magazine said.
As well as the tour, the Rolling Stones have announced the July 12 release of a picture book tracing their rise to global fame. The band debuted at the Marquee Club in London's Oxford Street on the same date in 1962.
There will also be a "groundbreaking" documentary film released in September.
