The 70 year-old former NFL star bowed his head and appeared to be in tears as the four-member board voted to grant his parole.
OJ Simpson has been behind bars for nine years, serving his minimum term for a botched armed robbery of his own sports memorabilia in a Las Vegas hotel room in September 2007.
Appearing before the board by live video link from Lovelock Correctional Centre, Simpson apologised for his crime before pleading with the Nevada board to set him free.
"As I said I've done my time. I'd just like to get back to my family and friends and believe it or not, I do have some real friends. But I don't think I could have represented this prison, I don't think any inmate has ever represented it better than I. I'm sorry it happened. I'm sorry to Nevada. I wish (Thomas) Riccio had never called me. I thought I was glad to get my stuff back but it wasn't worth it. Nine years away from your family is just, just not worth it and I'm sorry. "
Simpson was famously acquitted in a double-murder trial two decades ago so this hearing was naturally going to grab public attention, the parole board's deliberations televised live in the United States.
One of the sports memorabilia dealers affected by the robbery was long-time friend Bruce Fromong.
He told board members the former sports star had apologised to him and he'd accepted it.
"I have never stolen from OJ. OJ is my friend, always has been, and I hope will remain my friend. But there were things in that room, and I admit to that. And I'm sorry things did not work out differently. But I will make this clear to you: OJ never held a gun on me. I don't feel he's a threat to anyone out there. He's a good man. Nine-and-a-half to 33 years was way too long. And I feel that it's time to give him a second chance."
Simpson's daughter, Arnelle Simpson, also spoke at the hearing on behalf of the family, saying while her father's choices were wrong he was truly remorseful.
"We recognize that he is not the perfect man, but he is clearly a man and a father that has done his best to behave in a way that speaks to his overall nature and character, which is always to be positive no matter what. As his daughter, I can honestly say, my dad recognises that he took the wrong approach, and could not handle the situation. He could have handled the situation differently. He truly is remorseful. And we just want him to come home so that we can move forward for us, quietly. But to move foward."
The board, which normally takes days to render a decision, took about 30 minutes to deliberate and announce its ruling.
Members cited the former NFL star's compliance with prison rules, his lack of prior convictions, his low risk of committing another crime, his community support and stable post-release plans.
But Nevada Parole Board Chairman Connie Bisbee warned parole conditions will be strict.
"We believe that we're a consistent board. I will let you know that that consistency also goes to parole. And we do not look kindly upon parole violations. And if I cast my vote to grant, our expectation would be that you not violate even the simplest condition of parole. So based on all of that Mr. Simpson, I do vote to grant parole when eligible."
The 70 year-old's defenders have always argued that his sentence was out of proportion to the crime and that he was being punished for the two murders he was acquitted of in 1995, the stabbings of ex-wife Nicole Brown Simpson and her friend Ronald Goldman.
But attorney Malcolm LaVergne says he wasn't surprised parole was granted.
"He's taken plenty of responsibility. Any time something like this happens you obviously wish you could do better. The biggest thing here, what made this case more so than what it was, were the guns, okay? And so that took this case from being kind of a, you know, somewhat of a laughing-stock of a case to serious when guns are involved."
OJ Simpson is set for release in early October.
Authorities are still working out details, including where he will live and what rules he must follow.
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