In Bihar's Patna, the actor's Rakhi sisters of Saba and Farah, celebrated following the court's decision.
Overjoyed fans danced outside court after hearing the news.
Criminal courts later acquitted Khan's hunting companions, but Khan remains accused of the crime of poaching.
The actor enjoys a cult-like status and is affectionately known by the Hindi name "bhai", or "brother". Khan's lawyer HM Saraswat had filed a bail application in the court immediately after the sentencing, and on the same premises.
However, Khan has now been granted £550 bail while he appeals against his conviction. This was the actor's fourth stint in this prison. The Times of India newspaper reported that he spent three hours exercising on Friday. Reports that the animals died of "overeating" or that they were killed by dogs were also submitted in court to establish his innocence. The blackbuck is a species of antelope protected under Schedule 1 of the Wildlife Protection Act, 1972. Other actors who had been accused on being involved in the killing of the animals, Tabu, Neelam and Saif Ali Khan were all acquitted.
Fellow Bollywood superstar Shah Rukh Khan, at No. 8 on the list, is the only Indian actor to have earned more than him previous year. The religious sect, which reveres nature and wildlife, is intensely protective of the endangered antelope.
The Bollywood heartthrob's latest blockbuster "Tiger Zinda Hai" (Tiger is alive) collected some $85 million worldwide.
Khan has almost $90m riding on his projects in coming months with at least three films in the pipeline, analysts say. Director of his upcoming film Race 3 Remo D'Souza said, "I am happy that he has got bail".
Salman got bail with a rider.
Khan, was previously sentenced to seven years in prison in 2006 but only spent one day before he was granted bail.
The prolific actor has always contended he did not shoot the two blackbuck deer in the western India preserve in 1998 and was earlier acquitted in related casesWho is Salman Khan? .