Everton last Saturday.
The Hammers striker’s case was brought forward at a Football Association hearing and the positive verdict means that Cole will be available for Saturday’s league match against Reading.
The West Ham striker received a controversial red card, after referee Anthony Taylor had adjudged his high tackle on Leighton Baines to be dangerous, with television replays showing the decision had been a harsh one.
The red card handed to Everton midfielder Darron Gibson at the end of the match was also rescinded. The Irishman was dismissed for a high tackle on Mark Noble in stoppage time, in a decision which attracted scorn even from Hammers supporters for its perceived harshness.
Upon hearing that his red card had been overturned, Cole, 29, tweeted: “Great news that the red card got overturned, @FA done a great job. Well done! Time to make all the aggro worth it on Saturday if selected!”
A statement from the FA said: “The FA can confirm that red cards shown to both Carlton Cole and Darron Gibson have been rescinded.
“Both players were sent from the field of play in the Premier League fixture between West Ham United and Everton at Upton Park on Saturday 22 December.
“Their three-match suspensions have been withdrawn immediately and written reasons will be provided at a later date.”