Following a trial he was cleared of all nine charges he faced, following three days of deliberations by the jury.
As the verdict was read out he started crying in the dock, before hugging his manager and legal team. He also tearfully thanked court staff before leaving the dock.
Spacey left the courtroom shortly after the verdicts and is understood to have left the court via a side entrance.
The star pleaded not guilty to seven charges of sexual assault, one charge of causing a person to engage in sexual activity without consent, and one count of causing a person to engage in penetrative sexual activity.
Spacey was cleared of carrying out offences mostly during his time as Artistic Director at The Old Vic theatre.
In a statement, a CPS spokesman said: “Following a thorough investigation by the Metropolitan Police, the CPS made the decision to charge Kevin Spacey with sexual offences.
“The function of the CPS is not to decide whether a person is guilty of a criminal offence, but to make fair, independent and objective assessments about whether it is appropriate to present charges.
“It is the role of the jury to consider the charges and we respect the decision of the court.”
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Two years ago an arbitrator ruled that the allegations surrounding him amounted to a breach of contract and he was ordered to pay £25.5m to the producers of House of Cards – which he was sacked from.
He lost an appeal to overturn the ruling last year.
Asked in court about his finances, Mr Spacey said: “I have got no money coming in and I have had a lot of legal bills… and I have not paid it all off and I still owe money.”
He was once one of Hollywood’s best known stars, recently for political drama House of Cards – and he earned the Oscar for American Beauty and The Usual Suspects.
But the allegations against him saw him sacked from House of Cards, and he was edited out of a Sir Ridley Scott film All The Money in the World.
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