The move is viewed as goodwill gesture ahead of a historic summit between Mr Trump and North Korea's Kim Jong-un.
Mr Trump said he would greet the men when they return with Secretary of State Mike Pompeo, who has been in Pyongyang to arrange the planned talks.
Kim Hak-song, Tony Kim and Kim Dong-chul had been jailed for anti-state activities and placed in labour camps.
Mr Trump announced the release of the men in a tweet on Wednesday.
"They seem to be in good health," he wrote, adding that a date and location had been set for talks after a "good meeting with Kim Jong Un".
Mr Trump added that he will personally greet them when they arrive at Andrews Air Force Base at 02:00 EDT (06:00GMT) on Thursday.
One of the detainees was jailed in 2015, the other two have been in prison for just over a year. Their convictions have been widely condemned as political and an abuse of human rights.
The fate of the detainees has been a key factor in the build up to the Trump-Kim meeting.
Earlier this month, reports emerged that they had been moved from prison to a hotel in Pyongyang, raising speculation that they could soon be released.
Ahead of his visit, the second to North Korea in under six weeks, the secretary of state said that he hoped North Korea would "do the right thing" and release the detainees.
Who are the freed Americans?
- Kim Hak-song was held on suspicion of "hostile acts" in May 2017. He had previously described himself as a Christian missionary who intended to start an experimental farm at the Pyongyang University of Science and Technology (PUST)
- Tony Kim, also known as Kim Sang-duk, also worked at PUST. He was detained in April 2017 on espionage charges. According to South Korean media, he had been involved in humanitarian work in the North.
- Kim Dong-chul, a pastor in his early 60s, was detained in 2015 on spying charges, and was then sentenced to 10 years hard labour.
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