The 74-year-old former India captain had undergone a bypass surgery at the capital's Sir Gangaram Hospital last month after he complained of heart problems.
He subsequently also underwent an operation to remove blood clotting in his brain.
According to a close friend and a former Delhi captain, Bedi has recovered significantly and was discharged from the hospital on Thursday evening.
"He has been discharged yesterday after the doctors found him fit enough to go home. He has been advised complete rest," the source told PTI.
Bedi, a premier left-arm orthodox spinner in his playing days, represented India in 67 Tests and 10 ODIs between 1967 and 1979, scalping 266 and seven wickets respectively.
In December last year, he had protested against the Delhi and District Cricket Association's (DDCA) decision to name the Feroz Shah Kotla stadium after its late ex president and former union minister Arun Jaitley.
Bedi had demanded that his name be removed from a spectators'' stand, named after him, if Jaitley's statue was to be installed. He had threatened to take legal action against the DDCA on the matter.