The 49-year-old will be released under supervision by June 21, according to the parole board’s decision today.
Miller has completed his non-parole period of three years after he was arrested in February 2021.
His bid for parole last year was denied as he had not been sentenced for new drug supply charges brought against him.
Those charges were finalised last month, allowing Miller to reapply for parole.
Community Corrections recommended his supervised release, saying he was a low to medium risk of reoffending.
“Mr Miller has a long history of substance abuse and appears to display some insight into this problematic behaviour,” Community Corrections said in its report.
Miller was granted release under the condition he does not take prohibited drugs or contact his former associates without approval of his parole officer.
He has continued tertiary education in custody and plans to finalise his studies on release.
Miller will be free from parole, unless revoked, by August 15, 2027.
The former swimmer and butterfly star won silver at the Atlanta Olympics in 1996.
In 2022, he was convicted for supplying about $2 million of meth, a commercial quantity of heroin and participating in a criminal group.