The Kremlin released a decree granting citizenship to Jones, who met Putin in August while visiting the Crimean city of Sevastopol.
The 46-year-old pugilist won world titles in four different weight categories before branching out into music and acting.
At his meeting with Putin, Jones told the president he loved Russia and a passport would make it easier for him to visit regularly.
Putin replied he would be "glad" to fulfil his request "if you intend to link a significant part of your life with activities in Russia."
Russia has a history of granting citizenship to flamboyant Westerners, including French actor Gerard Depardieu, who was handed a Russian passport in 2013 after he lambasted France's tax laws.
