The ferry sank off the south-western island of Jindo on April 16, 2014, killing 304 people, almost all school children on a trip.
It has been winched to the surface so a platform can be inserted under it for it to be towed ashore.
The Sewol is expected to arrive at port in less than two weeks, where it will be met by the families of victims.
The bodies of nine victims are believed to still be trapped inside the sunken ship, and raising it was one of the central demands of their families.
The 16-year-old daughter of Huh Hong-Hwan was one victim whose remains were never found.
The Sewol sinking was blamed on a combination of illegal redesigns, cargo overloading, the inexperience of the crew member steering the vessel, and lax government regulations. The ship’s captain was later convicted of murder.
Anger over the response of the authorities after the disaster contributed to the unpopularity of former President Park Geun-hye, who was recently ousted.
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