The foreign tourist's situation had been described as critical shortly after his 20-hour ordeal in Tasmania's Franklin River.
He is currently in a "stable condition" at the Royal Hobart Hospital, a Tasmanian health department spokesperson said.
The man was described by local media as Lithuanian in his 60s who was rafting with 10 compatriots when disaster struck.
Police said he was navigating rapids with his friends on November 22 when his leg became "wedged between rocks" in a crevice on the river.
The man's smartwatch alerted emergency services, sparking a "complex and protracted" rescue mission, they said at the time.
Rescuers were unable to free the man's leg and finally opted to amputate the limb, giving him sedation and operating while he was still partially submerged in cold water.
