Mixed-motive scenarios are ubiquitous in real-world multi-agent interactions, where self-interested agents often defect for immediate rewards, overlooking the potential of altruistic cooperation to improve long-term gains and collective welfare. Peer punishment can deter defection, but as costly second-order altruism, its persistent imposition may undermine the punisher's interests. Existing approaches often struggle to effectively implement punishment to promote cooperation. To balance the efficacy and cost of punishment, we propose Adaptive Punishment for Cooperation (APC), a distributed method that determines punishment intensity based on both a dynamic punishment probability and the severity of defection. This dynamic probability substantially reduces costly and ineffective punishment while also promotes cooperation. To accurately assess defection and its severity, we use a defection awareness module, whose learning is guided by game reward. Theoretical analysis and empirical results show APC performs effectively in iterated public goods game. Empirically, APC also significantly outperforms existing baselines across sequential social dilemmas, learning rational and effective punishment policies that foster cooperation by strategically deterring defection.