Since the end of the Soviet Union in 1991, Russia have won the men's World Championship five times but have never claimed the women's title
The Court of Arbitration for Sport has overturned the ban on Russia by ice hockey's global governing body.
Russia have been suspended from competing in International Ice Hockey Federation (IIHF) events since the country invaded Ukraine in February 2022.
Earlier this year the IIHF said Russia's teams would remain excluded after a review by the organisation's council.
The Russian Ice Hockey Federation (RIHF) appealed that decision to Cas, which has upheld it following an in-person hearing at its headquarters in Lausanne, Switzerland.
A statement from Cas , external said that arguments made by the IIHF "citing safety, security and other concerns" were "not supported by sufficient evidence".
Russia are now set to be part of IIHF events in the 2026-27 season, including the men's and women's World Championships.
It is unclear what restrictions, if any, will be in place in relation to flags, clothing and the playing of the national anthem.
Individual athletes from Russia were allowed to compete at the 2026 Winter Olympics in Italy under a neutral flag, although not in ice hockey.
The IIHF expressed "disappointment" , external with the ruling.
"The IIHF disagrees with this aspect of the ruling and maintains that its decisions were necessary to protect the safety and security of all participants and safeguard the integrity of its competitions," they said in a statement.
"While the IIHF respects the authority of Cas and will act in accordance with its ruling, the outcome does not remove the concerns that informed its assessments."
Ukraine have qualified for next year's men's World Championship, which is scheduled to be held in Germany from 14 to 30 May.
The IIHF said the ruling has not taken into account the material impact of the decision including a review of competition formats, schedules, travel and accommodation arrangements, and safety and security measures.
"Cas does not consider the practical elements which cannot be implemented immediately," it added.
"Changes to participation require extensive coordination with the relevant Member National Associations, organising committees and host authorities."
A statement from the RIHF said it "welcomes the decision" from Cas and they will work with the IIHF to "facilitate the return of Russian teams to competitions".
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