The slogan was said to refer to a long-running dispute about islands which both South Korea and Japan claim.
The IOC says it is holding an inquiry.
Friday's match came hours after South Korea's president visited the islands, known as Dokdo in South Korea and as Takeshima in Japan, sparking a row.
The move prompted Japan to recall its ambassador in Seoul.
South Korea won the Olympic football bronze medal by beating Japan 2-0.
The IOC says that after the game, an unnamed player was photographed brandishing a sign allegedly asserting South Korea's sovereignty over the islands.
The committee urged the South Korean Olympic committee to take "swift action on this issue" and said the player should not be present at the medal ceremony on Saturday.
IOC statutes prohibit political statements by athletes and players.
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