"This second chance follows Hogan's numerous public apologies and volunteering to work with young people, where he is helping them learn from his mistake," WWE said in a statement.
The wrestling organization severed ties with Hogan in July 2015 after he was captured on tape using racial slurs.
"It was unacceptable for me to have used that offensive language; there is no excuse for it; and I apologize for having done it," Hogan said at the time.
While he called his departure a resignation, WWE.com erased all references to the superstar, including in its Hall of Fame.
Hogan, who was initially inducted into the Hall of Fame in 2005, is back on the website.
The 64-year-old is one of the most well-known performers in the history of professional wrestling, especially starring during the rise of the sport in the 1980s. He won the WWE Championship six times during his career, most recently appearing at WrestleMania 31 in 2015.
Ending the suspension allows Hogan to restore his image within the organization that made him famous as well as potentially setting up another appearance in the ring down the line.