Saeed, who carries a $10 million bounty announced by the U.S. for his role in terrorist activities, was released just after Thursday midnight, after a Lahore High Court review board turned down the government's arguments that he was a threat to public safety.
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His release, he said, was a victory for Pakistan.
He said that his only crime was that he wanted Kashmir's freedom from India and he was arrested for the same.
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It took the authorities three days to regain full control of the city, and the attacks, which killed more than 160 people, almost brought nuclear-armed arch-enemies India and Pakistan to the brink of war.
The JuD is believed to be the front organisation for the banned Lashkar-e-Taiba (LeT) which is responsible for carrying out the 2008 Mumbai attack.
In an address to his supporters massed outside his Johar Town residence, the Jamaat-ud-Dawa (JuD) leader thanked the Lahore High Court for refusing to buy the government's arguments that his release would pose a threat to public safety.
Saeed blamed India for his incarceration in Pakistan, saying "Pakistan's rulers detained me on the aspiration of Modi due to their friendship with him".
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India and Pakistan, who rule parts of the disputed region, have fought two of their three wars over the territory, with scores of militant groups, including LeT, engaged in a decades-old armed insurgency against the Indian rule.
While Saeed was under house arrest, his JuD charity launched a political party, the Milli Muslim League (MML), which has won thousands of votes in by-elections.
Saeed reiterated that the USA, on India's request, pressured Pakistan to detain him. The military denies any direct involvement in civilian politics.
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