One Twitter user wrote: "Shady Abu Zaid has been released after two and a half years of pre-trial detention without trials".
Issues tackled by Abu Zaid's videos, which took a close look at Egyptian society, included classism, religion, gay rights and tradition.
The lawyers said Abu Zaid will still need to report to a police station twice a week.
In recent years hundreds of activists and bloggers have been convicted spreading false news and helping the now banned Muslim Brotherhood group.
Pre-trial detention can last up to two years under Egyptian law, but the period is often extended. He was also a correspondent for the popular satirical television programme Abla Fahita on the CBC TV station. The show was cancelled for its political commentary, despite being watched by millions.
Abu Zeid is a comedian and video blogger who produced the satirical news show 'The Rich Content, ' which he released on YouTube and Facebook from mid-2015 until his arrest in 2018.
In 2016, he attracted controversy for handing out balloons made of inflated condoms to police officers on the fifth anniversary of the 2011 uprising that toppled former President Hosni Mubarak and had been aimed at reforming the state's heavy-handed security apparatus.
Human rights groups have accused President Abdul Fattah al-Sisi of overseeing an unprecedented crackdown on dissent after leading the military's overthrow of Egypt's first democratically elected leader in 2013.
More than 60 journalists are in jail in Egypt, according to the International Press Institute, with the country ranked among the world's worst jailers of journalists.