The 68-year-old was suspended for ignoring "repeated requests" from the Fifa ethics committee related to bribery allegations surrounding Russia and Qatar's respective bids for the 2018 and 2022 World Cups.
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Fifa has now decided to reverse its decision and the former Bayern Munich star admits that he misjudged the severity of the situation.
"I underestimated the matter," Beckenbauer said in a statement posted by his manager, Marcus Hofl.
"Usually such an extensive administrative load is dealt with by my management team."
However, according to the statement, Beckenbauer has no plans to travel to the World Cup in Brazil despite his new-found freedom.