"I come to the conclusion that the accused has made a case to be released on bail," said Chief Magistrate Desmond Nair, eliciting a celebratory cry of "Yes!" from the courtroom.
Nair said the former chief investigator in the case, Hilton Botha, had made "several errors and concessions" during his testimony.
Specifics of Pistorius' release have not yet been announced.
The decision comes at the end of a four-day bail hearing that has been remarkable for not only its length but its allegations of miscues by a lead police investigator who himself faces attempted murder charges.
Read more: What's life like in a South African prison?
Pistorius is accused of premeditated murder in the February 14 shooting death of Reeva Steenkamp, 29. Authorities and Pistorius' team agree that he killed Steenkamp, but Pistorius says he mistook her for an intruder.
Prosecutor Gerrie Nel told the judge in final arguments before a packed Pretoria courtroom that Pistorius doesn't deserve bail.
"He must realize that long-term imprisonment is almost guaranteed. He might think he'll be acquitted."
The prosecution had several notable missteps during the bail hearing, including the removal of the lead investigator, who had earlier acknowledged under questioning from defense attorney Barry Roux that police could have contaminated the crime scene and had failed to properly catalog evidence.
The South African Police Service pulled Botha, from the case Thursday after prosecutors reinstated seven counts of attempted murder charges against him. Botha is accused of opening fire on a minibus full of people while allegedly drunk in 2011.
Read More : CNN
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