The allegations involving some members of the team date back several weeks but senior management in the University's Sports Services was only made aware from a third party on February 24, according to a news release. The university reported the incident to police on Feb. 25.
"The university has high expectations of all our students and staff. The alleged misconduct is not in keeping with the values that are at the heart of athletics and student life on campus," the release said.
Ottawa police referred CBC to Thunder Bay police, saying the allegations of misconduct are not part of an Ottawa police investigation.
The University of Ottawa Gee Gees played the Lakehead University Thunderwolves on Jan. 31 and Feb. 1.
The University of Ottawa said it has launched an internal review. It also stated in a news release that it will "cooperate fully" with any police investigation.
The university is expected to comment on the suspension of the men's hockey program at 2:30 p.m. ET.
No other details about the allegations were immediately available.