Hall appeared to deliver a knee-on-knee hit to Clutterbuck, who had to be helped off the ice and didn't return to the game.
Hall received a five-minute kneeing penalty as well as a 10-minute and game misconduct penalty for the hit, which came with under three minutes left in the third period of Edmonton's 3-1 home loss to the Wild.
Wild head coach Mike Yeo said on Friday that Clutterbuck suffered a thigh contusion and the injured forward was seen walking on crutches.
Clutterbuck also stated that he thought Hall's hit was reckless.
"We have been informed of the league's decision to suspend Taylor Hall for two games," said Oilers general manager Steve Tambellini in a statement. "We respect their decision and will make the appropriate lineup changes for (Saturday's) game against Phoenix."
This is Hall's first NHL suspension.