The court ruled for Emin's conditional release with 13 months and 21 days of his sentence remaining. He was set free in the courtroom.
The news came a day after his fellow blogger and prisoner Adnan Hajizade was granted parole.
Milli and Hajizade were arrested after an incident at a restaurant in July 2009. Although they were the victims of an assault, they were sent to prison on charges of "hooliganism" and "inflicting intentional minor bodily harm".
Local and international organizations have recognised the young bloggers as prisoners of conscience.