The Sweden international was shown a straight red card by referee Steven McLean in the second half at Celtic Park for a 'last man' challenge on Caley midfielder Jonny Hayes.
Celtic appealed through the Scottish Football Association's fast-track disciplinary process on Tuesday and Majstorovic was cleared by the fast-track tribunal.
He will be in manager Neil Lennon's squad for Sunday's trip to Hibernian.
A club statement read: "The red card was rescinded and Majstorovic returns to the squad plans for this Sunday's visit to Easter Road."
Source: PA
Source: PA