But Bauer, backed by a host of large Australian media companies, appealed the decision in February, arguing the damages bill was too high.
The actress added that she was sacked from DreamWorks animated feature films Trolls and Kung Fu Panda 3 after the stories were published.
The star of three "Pitch Perfect" movies and "Bridesmaids" won AUS$4.6 million (US$3.5 million) in damages from the German publisher a year ago after a court found a series of articles accusing her of lying about her age, name and childhood events had cost her roles. "The Court of Appeal in Australia will be handing down their decision in the morning re my defamation case against @bauermedia".
The Court of Appeal on Thursday cut the general damages payout to $600,000 and set aside the special damages sum, finding it was wrongly awarded.
An appeals court has slashed Rebel Wilson's record 4.6 million Australian dollar (£2.5 million) damage award to 600,000 Australian dollars (£338,000) after a magazine publisher appealed the amount of its payout in a defamation case.
"It followed that the judge's award of damages for economic loss had to be set aside, there was no basis in the evidence for making any award of damages for economic loss".
Wilson was originally awarded $3.9m (£2.3m) for loss of earnings and $650,000 (£382,000) in damages.
At the time, Wilson tweeted she would be donating the money to Australian charities and supporting the Australian film industry with the money.
Wilson said in April that she and her legal team were "very confident" the original defamation payout would be upheld.
Wilson, who starred in the Pitch Perfect films as well as How To Be Single and and Bridesmaids, has said she will give away the damages to charity and to support the Australian film industry.
Speaking on behalf of Bauer Media, General Counsel, Adrian Goss, said in a statement: "It was important for us to revisit the award of damages".