Love is expected to be ready to return to basketball activities in approximately six weeks.
The surgery was conducted days after Love said he would miss "several weeks" with a big-toe injury that has bothered him since the preseason.
Love has not played since Cleveland's 102-86 loss to the Brooklyn Nets on Oct. 24.
In four games this season, the 30-year-old Love is averaging 19.0 points, 13.5 rebounds and 3.5 assists while shooting just 32.3 percent from the field.
After LeBron James left the Cavs for the Los Angeles Lakers in free agency over the summer, Cleveland signed Love to a four-year, $120.4 million contract, per Spotrac.
Love is a five-time All-Star and the unquestioned face of the franchise in Cleveland on the heels of James' departure.
Injuries have been an issue for the former Minnesota Timberwolves star in recent years, though, as he hasn't appeared in more than 60 regular-season games in a single campaign since 2015-16.
The Cavs have the worst record in the NBA at 1-7, and improvement seems unlikely with Love on the shelf.
Until Love returns, Cedi Osman, Larry Nance Jr. and Sam Dekker all figure to receive increased minutes at power forward alongside centers Tristan Thompson and Ante Zizic.