The report, delivered Wednesday to President Mohamed Morsi, has not been released, but members of the 16-member commission have talked publicly about it, The New York Times reported.
"Mubarak knew everything, big and small," commission member Ali al-Gineidy said former interior minister Habib el-Adly told the commission.
Adly said Mubarak watched live feeds of the demonstrations and the actions of soldiers that were beamed down from the roof of a hotel on Tahrir Square.
Mubarak has said he had no direct knowledge of soldiers' actions. He and Adly were convicted in June 2012 of being accessories to murder but acquitted of any responsibility in the more than 800 deaths that occurred during the demonstrations.
On Wednesday, Morsi's office said prosecutors would review the commission's findings and consider whether to retry Mubarak, Adly and other top officials in the killings.
The panel, appointed by Morsi in July, also found troops fired live rounds at demonstrators, contrary to statements by military officials.