 President-elect Lee Myung-bak always denied the allegations |
"We found the president-elect was not involved in stock manipulation," Special Prosecutor Chung Ho-young said.
The announcement comes four days before Mr Lee, who won a general election in December 2007, is due to be sworn in.
During the campaign he had denied allegations linking him to a 2001 share-rigging scandal, for which an ex-business partner of his is on trial.
He was alleged to have links to the investment firm at the centre of the scandal.
Prosecutors had already ruled that they had no evidence against Mr Lee in early December.
But lawmakers subsequently voted to re-open the case when a video emerged in which the president-elect was shown apparently saying he had established the scandal-hit company.
Mr Lee said his words had been taken out of context.
The probe also cleared Lee Myung-bak of claims that he had purchased a plot of land under a false name.
"Allegations that the president-elect owned the land by using borrowed names are groundless," Mr Chung said.
'Work harder'
In a statement, the president-elect welcomed the decision.
"I thank the people who have given me trust and support so far," he said.
"I think the way to repay this is to work harder and devote myself to serving the people and saving the nation's economy."
Mr Lee takes office on 25 February, following his landslide victory in polls late last year.
International leaders including Japanese Prime Minister Yasuo Fukuda and US Secretary of State Condoleezza Rice are expected to attend his inauguration.
Mr Lee, a former Hyundai executive who heads the conservative Grand National Party, has promised to revive the economy and take a tougher line towards North Korea.
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