The Scottish actor was knocked off his surfboard by a freak wave and trapped underwater while filming his new movie Of Men And Mavericks in California.
Butler was pulled from the water onto a jetski and taken by ambulance to a nearby hospital for examination but did not stay overnight.
The incident, which happened on Sunday, occurred in the same spot where 35-year-old Hawaiian surfer Sion Milosky died eight months ago in a similar accident.
Filming has been taking place at Mavericks which is a big-wave haven near San Francisco.
The notorious surfing area is central to Butler's new film, which tells the life story of the late surfer Jay Moriarty and his quest to ride the waves at Mavericks.
Butler plays the role of champion surfer Rick "Frosty" Henson.
In a statement, a representative for Butler said: "He's fine. Very scary. They brought him to Stanford University. More scary than anything.
"For precaution, we all wanted him checked out after it all happened. Came out with flying colours."