Asif Zardari has been in jail since 1996, facing a host of charges, including corruption and conspiracy to murder.
Zardari had previously been granted bail in all but one of the cases outstanding against him -- the alleged evasion of import duties on a car.
The court granted bail of 1 million rupees, or $16,700, on the final charge.
Zardari is currently hospitalized in Karachi being treated for a number of ailments, and thanked "all my friends who stood by me all these years."
His wife was twice prime minister of Pakistan, but her governments were dissolved in 1990 and 1996 for alleged corruption. She lives in self-imposed exile in the United Arab Emirates and London with the couple's three children but still heads the opposition Pakistan People's Party.
Bhutto told a TV channel in Dubai she "had been waiting for this moment for the past eight years."