By Toby Prince
The 29-year-old was sentenced to five years in prison in 2014 after being found guilty of culpable homicide, or manslaughter, but has only served 12 months in jail.
He was convicted for fatally shooting his girlfriend, Reeva Steenkamp, through a locked bathroom door but said he thought she was an intruder.
Pistorius will now spend the rest of his sentence under what is termed in South Africa “correctional supervision”, the South African parole board said.
An earlier decision to release him in August was blocked by South Africa’s Justice Minister, Michael Masutha, who said it had been made “prematurely”.
At the time, Steenkamp’s family had said that 10 months behind bars was “not enough”.
Responding to Thursday’s decision, a lawyer speaking for the Steenkamp family said her parents had expected the early release even though they opposed it, adding that nothing could bring back their daughter.
The prosecution has appealed, saying he should instead be convicted of murder. That case is expected to be heard on November 3, the BBC reported.