The decision comes more than two and a half years after a panel recommended Davis be released from prison. In 2010, then-Governor Arnold Schwarzenegger rejected the recommendation.
Davis was convicted in connection with two murders in 1969 unrelated to the infamous Sharon Tate murders.
His parole was recommended due to his "positive adjustment, record of no recent disciplinary problems, and for successfully completing academic and vocational education and self-help programs," according to a parole board news release.
Davis was the subject of a back-and-forth court battle since the governor's rejection in 2010.
The recommendation is subject to a 120-day decision review period.
Davis went to prison on April 21, 1972, with a life sentence for two counts of first-degree murder and conspiracy to commit murder and robbery.