About 250 protesters flocked to Zuccotti Park in New York's Financial District to mark the end of strict security measures brought in after the contested square became a battleground between police and activists.
Gathering around a large model of the Statue of Liberty, they sang and celebrated.
The park's owners, Brookfield Office Properties, took down the metal barricades after a legal challenge to the restrictions from several civil rights groups.
The barriers had been erected immediately after police forcibly evicted a tent camp established by protesters, who say they are campaigning against corporate greed.
"It's a big victory. They accepted they wanted to suppress the right of the protest. We will see what happens now," Bill Dobs, a spokesman with the OWS movement, said.
Rules imposed by Brookfield to combat protesters' initial aims of setting up a permanent tent village -- including a ban on lying down or erecting tents -- remained in force.
However, it was unclear whether the protesters would try to defy the regulations.
"If you are in #nyc and you are a member of the 99 percent, come join us at LibertySq," OWS encouraged followers on Twitter.
"We hope Zuccotti Park can now resume its rightful place as a center for meeting and protest in New York City," New York Civil Liberties Union (NYCLU) executive director Donna Lieberman said.