The striker was unable to prevent United from slipping out of the Champions League with a shock defeat to Basel but attended his appeal hearing on Thursday morning and received a positive result.
The FA argued that the initial three-match punishment was harsh after he was sent off for kicking out at Montenegro's Miodrag Dzudovic in the final group qualifier.
Rooney will be available for the clash against Ukraine on 19 June but still misses the matches against France and Sweden in the Euro 2012 finals.
UEFA announced that the third game of the original ban is now suspended for four years, to be activated if the Reds star is sent off in another England match. Rooney will also undertake some coaching in the community, according to a spokesman for the governing body.