The 26-year-old Southend United forward was jailed in May after admitting online banking fraud in which a woman lost more than Â£2,000.
His club said he was eligible for early release because of the short duration of his sentence and "his consistently excellent custodial behaviour".
Ranger will return to training with the League One club immediately.
In a statement, Southend United said: "Nile may regard himself as fortunate but will remain under an evening home curfew for the next five to six weeks."
The club said it was unclear whether this meant he would be able to play in midweek evening matches.
Ranger is set to go through an individual training regime over the next seven to 10 days before rejoining his team-mates.
The former England youth player came through the academy at Newcastle United and went on to play for Swindon Town and Blackpool, before moving to Southend United in last summer.
Footballer Nile Ranger has been released from prison about 10 weeks into his eight-month sentence.