The World Professional Billiards and Snooker Association (WPBSA) said in a statement that Lee, 38, was "is appealing against the finding of the tribunal, the sanction and the costs awarded."
The WPBSA has asked Sport Resolutions UK to manage the appeal process, which will be chaired by an independent QC.
Lee has consistently denied the allegations, which relate to seven matches played in 2008 and 2009 including the UK and world championships, and had suggested he would appeal soon after the verdict.
"I'm absolutely devastated. I've done nothing wrong. I'm totally innocent of this," Lee said at the time.
The WPBSA had described it as "the worst case of snooker corruption we've seen", with Lee found guilty of "agreeing an arrangement... (and of)... accepting or receiving or offering to receive... payment" for influencing the outcome or conduct of matches.
Lee was accused of giving inside information to associates, who then bet on the basis of it and passed it to others to do the same.
Lawyer Adam Lewis, in his written decision for independent arbitration body Sport Resolutions, said after the original tribunal that it had not been established Lee deliberately lost a match when he could and should have won.
"Rather it is established, on the balance of probabilities, that Mr Lee acted improperly in relation to matches that he either believed he would lose, or that he believed he would win sufficiently comfortably that he could drop the first frame," the barrister wrote.
"Mr Lee did not strike me as a cynical cheat, but rather as a weak man who, under financial pressure, succumbed to the temptation to take improper steps that he may well have justified to himself as not really wrong, because the ultimate result of the match, win or lose, was the same."
Lewis said a life ban had not been imposed because it was not deemed proportionate, in the circumstances, or necessary in order to deter.
He pointed out also that at the time the offences were committed, there was no stipulation in WPBSA disciplinary rules that any player found guilty of match-fixing should incur a life ban in the absence of exceptional mitigating circumstances.
Former professional Willie Thorne said Lee's 12-year suspension effectively amounted to the end of the player's career.
"I think it is a life ban," he told Sky Sports News. "He'll be 50 when he gets his licence back and at that age you've got no chance... I don't think he'll be accepted into the seniors tour either.
"There's a great living to be had in snooker, but not a great living if you're a cheat."