The National Center of Cinematography viewed the movie for a second time Thursday and decided to lift the ban it had imposed the day before.
The film will be labeled IM 18 in Romania and shown to adults only.
The distributor, Independence Film, told The Associated Press on Friday that the movie will be released in Romania on Feb. 7 as scheduled.
"We consider this decision ... a return to normality. There is no censorship," it said in a statement.
The film "Nymphomaniac I" already is being shown in Romanian cinemas.
The two movies are a drama about a woman's erotic journey from birth to the age of 50.