The bomb was discovered by a member of the public near Putney Bridge in southwest London, just meters (yards) from the starting line of the famous race between rowers from Oxford and Cambridge universities.
The ordinance was found submerged on the Chelsea shoreline Saturday and it was removed by a marine policing unit, the London police force said.
London was heavily bombed in the war, particularly during the Blitz years in 1940 and 1941, as German planes concentrated on civilian and industrial targets. Unexploded devices are still occasionally uncovered.
Cambridge was denied its first back-to-back victories since 1999 but still leads Oxford 82-80 overall after a dead-heat in 1877.
The winning Oxford boat featured the Cook brothers, Jamie and Ollie, along with William Warr, who raced for Cambridge in 2015.
Thousands watched the men's and women's rowing races, which involve eight rowers and a coxswain and are steeped in tradition.
The men's race dates to 1829, as a challenge between friends held in Henley-on-Thames and was held irregularly for the next 25 years. The race moved to London in 1836, where it takes place annually around Easter.
The Cambridge women broke a four-year cycle of Oxford wins, claiming victory in the 72nd race on Sunday by 11 lengths and in a record time of 18:34.
Cambridge leads Oxford 42-30 overall.
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