The 30-year-old was barred from any football activity by the English Football Association last week, ruling him out for at least 13 matches for the Spanish league highflyers.
FIFA’s decision taken late Saturday allows Trippier to return to play for Diego Simeone’s side until the appeal is heard at a crucial period of the season.
They are lying second in La Liga, just one point behind Real Madrid but have games in hand and can regain the summit latter Sunday.
Last week the FA banned him until February 28 with a £70,000 fine (94,000) after being found guilty of chargss surrounding his move from Tottenham to Atletico.
Oone of England’s standout performers in their run to the 2018 World Cup semi-finals he denied the seven charges.
The alleged offences took place in July 2019 around the time he completed his transfer from Tottenham to Atletico for a fee in the region of £20million.
FIFA’s temporary lifting of the suspension pending the appeal was initiated by Atletico who felt it unfair the player would miss a large chunk of Atletico’s matches but none for England.
Trippier is now eligible to turn out for Atletico in the first leg of their Champions League last-16 clash with Chelsea on February 23.
As Atletico prepared their next move – “we are considering all options” a spokesman told AFP – Trippier returned to training but is not for Sunday’s trip to Alaves.