At one point, those in the city were forced to wear masks outdoors, even while exercising.
As of Wednesday, masks will no longer be required inside or outside. The exception is senior care home or health care facilities.
Earlier in February, Taiwan, which is located near Hong Kong, dropped its final indoor mask mandate.
Masks are still required in health facilities and on public transport.
On Monday, the neighbouring Chinese territory, Macau, also relaxed mask rules.
Hong Kong’s change to the mask mandate comes just in time for a series of large international events.
Visitors are expected to arrive from around the world for Clockenflap, a music and arts festival (March 3-5 ), Art Basel (March 23-25) and the Hong Kong Sevens (March 31– April 2).
Hong Kong’s chief executive John Lee said they hoped dropping the final major Covid-19 restriction would give businesses and tourism a boost.
“We think this is the best timing to make this decision. It is a clear message to show Hong Kong is resuming normalcy,” Lee said.