Evan Mawarire, who began the mass "This Flag" protest in which he filmed himself wearing the nations flag as he criticised the country's worsening economic plight, is due back in court next Friday.
Welcoming Mr Mawarire's release, his sister, Teldah Mawarire, told AFP: "We are happy that the wheels of justice are turning, however it is still our concern that Zimbabweans who speak out should not be persecuted.
"Freedom of speech, the freedom to organise, the freedom to assemble are basic human rights and we call on the state to respect the rights of citizens."
Mr Mawarire was ordered by Judge Clement Phiri at a court in Harare to handover his passport, pay a $300 bond and report to police two times a week.
Having fled Zimbabwe in July to South Africa and the US over fears for his life when Mugabe publicly criticised him, Mr Mawarire was arrested on his return to the country last Wednesday (1st February).
The "This Flag" protest movement last April, which also led to strike action, was violently crushed by security forces after President Mugabe spoke out against it.
Mr Mawarire told the South African website Daily Maverick: "The president of Zimbabwe made comments to the effect that I was not welcome in Zimbabwe, but he doesn't get to make that decision for me."
He also say he was contemplating running for public office in the southern African country where Mugabe has dominated politics since independence in 1980, by the use of election rigging and violence.