Anderson, who is the series leading wicket-taker, was at the centre of a controversial incident with Jadeja, who has also been cleared by the Judicial commissioner His Honor Gordon Lewis AM, after the six-hour hearing which took place via video conference.
The decision means the 32-year-old Lancaster man is cleared to feature in the final two matches of the series, which continues at his home ground Old Trafford on 7 August.
And England batsman Ian Bell, who hit 167 runs in the second innings, was thrilled with the decision which means in-form Anderson will be available for the fourth Test.
“The decision is a huge boost,” Bell told BBC Sport.
“He was at his best in Southampton, he leads our attack and all the young players look up to him.
“I hope he can take that form to his home ground. His experience of bowling there will be massive and give us some momentum.”
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BIOGRAPHY: Cesc Fabregas