BruinReportOnline.com first reported the story and UCLA confirmed it later Wednesday.
Anderson was being investigated by the NCAA for his relationship with Thad Foucher, who is an NBA agent with the Wasserman Media Group.
Anderson, who is currently nursing an undisclosed injury, has been practicing with the team, and participated in the exhibition games in China last August.
His freshman teammate, 6-5 wing Shabazz Muhammad, still remains under scrutiny by the NCAA, and no timetable is known for resolution of that investigation.
After BRO reported it, UCLA released this official statement:
"UCLA was informed by the NCAA earlier today that freshman guard Kyle Anderson is eligible to play this season, and that the NCAA has found no evidence to substantiate claims of violations in his case. I am grateful to all those who were involved in the process. We are looking forward to opening our season on November 9 against Indiana State at New Pauley Pavilion."
Anderson is a five-star prospect and was ranked No. 4 overall in Scout's 2012 recruiting class.