Simpson, 70, could be released as early as October 1st having served by then, the minimum of his nine - 33 year armed-robbery sentence for a bungled attempt to snatch sports memorabilia and other mementos he claimed had been stolen from him.
Appearing via video-link, Simpson told the hearing in Carson City, Nevada: "I've done my time. I've done it as well and respectfully as I think anybody can.
"I've realised in my nine years here that I was a good person, but I could have been a better Christian. My commitment to change is to be a better Christian.
"I'm not a guy who has conflicts on the street. I've pretty much got along with everybody."
He was acquitted in 1995 in the "Trial of the Century" of the murders a year earlier of ex-wife Nicole Brown Simpson and her friend Ron Goldman.
All four parole commissioners who conducted the hearing voted for his release after a half-hour of deliberations.
They cited, among other things, the low risk that he might commit another crime, his community support and his release plans, which include moving to Florida.
The Hall of Fame athlete responded saying: "Thank you, thank you, thank you."
Returning to his prison cell he raised his hands over his head and said: "Oh, God, oh!"
His defenders had argued his sentence was out of proportion to the crime and that he was being punished for the two murders he was acquitted of.
Even one of the dealers Simpson robbed, Bruce Fromong, testified on his behalf, telling the parole board that Simpson deserved to be released so he could be with his family.
Fromong said: "He is a good man. He made a mistake."
Simpson's daughter Arnelle, 48 - who is the eldest of his four children, told the board "we recognise that he is not the perfect man" but she said he has been "a perfect inmate, following all the rules and making the best of the situation".
Simpson said that he has spent his time in prison mentoring fellow inmates, often keeping them out of trouble. He said he had also learned a lot from an alternative-to-violence course he took in prison.
Several major TV networks and cable channels carried the proceedings live, just as some of them did two decades ago during the Ford Bronco chase.
Simpson said if released he plans to return to Florida to be near two of his adult children.
