The swimwear and a Bond car were among a number of 007 items sold by Christie's on Friday - half a century on from the first Bond movie, Dr No, in 1962.
An Aston Martin DBS driven by Craig in Quantum Of Solace went for £241,250.
Sale proceeds went to charities, including Unicef UK and Childline.
Some 50 pieces of 007 memorabilia were up for sale at Friday's auction. Most were sold online and 10 star items were bid for at the invitation-only event.
The auction came ahead of the latest Bond film, Skyfall, which opens on 26 October and stars Craig, Dame Judi Dench and Ralph Fiennes.
Money from the sale of the navy and powder blue shorts - size large and made in Italy by La Perla and labelled GrigioPerla - went to the charity, Women for Women.
Introducing the trunks, Dame Judi - who plays the spy's boss M - joked: "All I'm going to tell you is they're unwashed."
Other guests helping to host the auction included former James Bond and goodwill ambassador for Unicef Sir Roger Moore, and comedian David Walliams.
The sale of the 2008 Aston Martin 6 Litre V12 DBS - a two-door coupe driven by Craig in Quantum of Solace - fetched £241,250.
Proceeds would go to the "Roger Moore spray tan foundation," Walliams joked.
Also for sale was a scaled-down model of an Aston Martin DB5, which raised £61,250 for the charity Tickets for Troops.
Lord Marland, chairman of Tickets for Troops, said: "We are absolutely overwhelmed with the amount raised for the charity.
"This is beyond our expectations and helps us to carry on with the fantastic work our team are doing.
"As a charity that relies on individual donations, this money will be invaluable in helping us to deliver more tickets for members of the Armed Forces and their families."
Another highlight of the auction were the complete works of James Bond's creator, Ian Fleming. The books were estimated at up to £15,000, but sold for £91,250 in a tight contest between bidders.
Elsewhere, a navy woollen suit worn by Daniel Craig in Skyfall was very popular. Although expected to raise between £2,000 and £3,000, the suit went for £46,850.
A titanium Omega Seamaster Professional Planet Ocean watch - also worn by Craig in the upcoming film - sold for £157,250.
And the orchestral score for the film's theme song, signed by singer Adele and co-writer Paul Epworth, fetched £13,750.
Less expensive options included a night for two at London's five-star hotel, Claridges, and a chauffeur-driven Aston Martin ride to the premiere of Skyfall and its afterparty.
However, the latter sold for £37,250 - more than 10 times over the expected price.
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