In the report, former Public Protector Thuli Madonsela recommends Mr Zuma should establish a judicial commission of inquiry with 30 days.
The ANC leader is accused of an improper relationship with wealthy businessmen.
Mr Zuma had tried to block the release of the report.
But he dropped his court bid on Wednesday, with his office releasing a statement revealing the decision was made "in the interest of justice and speedy resolution of the matter".
"The president will give consideration to the contents of the report in order to ascertain whether it should be a subject of a court challenge," the statement added.
The Guptas and their links to Zuma
South Africa's corruption crusader
Thousands of people gathered in the capital Pretoria and in other cities on Wednesday ahead of the report's publication, demanding his resignation.
Police fired water cannon to disperse protesters.
The protesters, supporters of the Economic Freedom Fighters (EFF) party, had gathered outside Mr Zuma's main administrative offices in Pretoria.
Opposition groups are also rallying in South Africa's other major cities.
The president has been dogged by corruption allegations for more than a decade, but has repeatedly denied any wrongdoing.
Ms Madonsela investigated allegations that he let the wealthy Gupta family wield undue influence in his government.
The Guptas were accused of trying to nominate cabinet ministers in exchange for business favours.
Both Mr Zuma and the Gupta family have denied the allegation.
Mr Zuma's bid to block the report's release was challenged by opposition parties, which are now demanding that he pays their legal costs.
Thousands of opposition supporters have been rallying in Pretoria, shouting "Zuma must fall".
Democratic Alliance (DA) leader Musi Maimane said state coffers were being "plundered" by "crooks", but the "good guys" were winning in the battle to safeguard the democracy which emerged in South Africa at the end of minority rule in 1994.
"This is about letting Zuma, the Guptas and all their useful idiots know that their days are numbered," Mr Maimane said
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