The Israel Defense Forces spokesman announced Shalit's return at 11 a.m. Israel time on Tuesday. Shalit arrived in Egypt approximately three hours earlier.
Images of Shalit walking were broadcast by Egyptian TV, and in an interview Shalit said he was treated well by his captors but that he missed family, friends and freedom. The IDF reported that Shalit is in good health.
After meeting with IDF officials and Israeli Prime Minister Benjamin Netanyahu, Shalit was met by family members, and images of him embracing his father, Noam, were broadcast throughout Israel.
Shalit's release came as Israel began transferring 477 Palestinian prisoners to the Red Cross as part of a swap deal between Israel and Hamas that will see the release of more than 1,000 Palestinian prisoners from Israeli jails. Eyewitnesses confirmed that some of the prisoners had begun entering Gaza.
Shalit's family was waiting for him at the Tel Nof Air Force base, where he was to be taken after crossing into Israel.
Shalit had been held in Gaza since being captured by Hamas in a cross-border raid in June 2006.