Geo TV and other broadcasters said the Islamabad High Court suspended the 10-year sentence for Mr Sharif and the seven-year term given to his daughter Maryam Nawaz over corrupt practices linked to his family's ownership of upscale London flats.
The convictions are still under appeal with the same High Court, but a judge on Wednesday ruled the pair should be freed immediately while the case continues.
The two-judge bench ordered the release of the former premier, his daughter and son-in-law.
Nawaz Sharif and Maryam Nawaz were on parole last week for wife Kulsoom's funeral.
Justice Athar Minallah, while announcing the verdict, directed to release Nawaz Sharif, Maryam Nawaz and Captain (r) Safdar over surety bonds worth Rs0.5 million each until final decision on their pleas.
While suspending the sentences, Justice Athar Minallah remarked that the NAB couldn't bring any evidence of Sharif's ownership of the Avenfield apartments.
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The Islamabad High Court made the decision on the corruption case handed down to the Sharifs by an anti-graft tribunal earlier this year.
Sharif resigned as Pakistan prime minister past year after the Supreme Court disqualified him from holding public office and ruled that graft cases be filed against the beleaguered leader and his children over the Panama Papers scandal.
28 October, 2016: Cricketer-turned-politician Imran Khan threatens to paralyse the capital, Islamabad, with a "lockdown" of street protests unless demands for an independent investigation into the Panama revelations are met. Sharif denies any wrongdoing.
The cases against the family stemmed from Panama Papers case in April 2016. Sharif, Maryam and Safdar were sentenced to 11 years, eight years and one year, respectively, in prison in the Avenfield properties case. Their convictions will stand, although their sentences have been suspended.
6 July, 2018: The NAB court convicts Sharif, his daughter Maryama and her husband Captain Safdar of corruption.