Habtamu Ayalew and Abraham Solomon have been behind bars since July 2014, despite a federal high court acquitting them off the charges last year.
Mr Habtamu, a vocal opposition leader, and Mr Abraham, who is a teacher and activist, were charged under the country’s controversial anti-terrorism law.
This process is continuing, despite their release today.
They were accused of belonging to the banned Ginbot 7 group, which the Ethiopian government has designated as a terror movement.
Human rights groups have constantly accused the government of using the anti-terror law to crackdown on the opposition and stifle press freedom.
Felix Horne from US-based Human Rights Watch welcomed the news, saying it was “a positive development that they were finally released, but it’s hardly a victory for justice… They should never have been arrested in the first place”.