The former Olympic athlete has been in prison since October last year, when a judge sentenced him to five years for culpable homicide in the killing of his girlfriend, Reeva Steenkamp
Pistorius shot the model and law school graduate on Valentine's Day 2013. He has said he mistook her for an intruder.
In a statement Thursday, the parole board said it had approved his placement under correctional supervision for four years. He will be moved to house arrest Tuesday.
"The parole board considered all submissions, including the offender's profile report, the directives of the parole review board and the submission of the victim's family," the statement said.
"The parole board has also given the offender his correctional supervision conditions,which include the directives of the parole review board," it said.
Correctional services officials said they will not release details on the conditions of his release.
'Nothing will bring Reeva back'
A lawyer for the Steenkamp family said they saw it coming.
"Nothing has changed for June and Barry, nothing will bring Reeva back," Tania Koen said, referring to Steenkamp's parents. "They are not surprised at all by this announcement. They expected this."
During Pistorius' sentencing, his defense team believed he would be eligible to transfer to house arrest on August 21 -- 10 months after he was sentenced.
The nation's correctional services act allows convicted criminals who have served at least one-sixth of their sentence to serve the remainder under house arrest.
This month, the parole review board referred the case back to the broader parole board for reconsideration.
"The decision ... is to refer the (matter) back to the parole board because they believe the decision (to possibly let him out of jail) was made prematurely," Pistorius' lawyer Brian Webber said this month.
News of Steenkamp's killing stunned the nation, where Pistorius is nicknamed the "Blade Runner" because he ran on special carbon-fiber prostheses.
Despite having both legs amputated below the knee as a toddler, he excelled in sports, representing his country in the Paralympic Games and the 2012 London Olympics.
Steenkamp was found shot to death in his home, and he acknowledged firing the fatal shots through his bathroom door.
Last year, a judge found him "negligent" in Steenkamp's death
. But the judge said he did not commit murder nor did he intend to kill her.
Prosecutors are appealing the verdict, believing Pistorius, who is now 28, should be convicted of murder.
The state's appeal is set to take place next month.