Commissioners at the agency voted two-to-one to end a “net neutrality” order enacted in 2015.
Ajit Pai, head of the FCC, said the rules demanding an open internet harmed jobs and discouraged investment.
Many Americans and technology firms filed objections to the FCC’s proposal prior to the vote.
“This is the right way to go,” said Mr Pai ahead of the vote on Thursday.
In a statement, the FCC said it expected its proposed changes to “substantially benefit consumers and the marketplace”. It added that, before the rules were changed in 2015, they helped to preserve a “flourishing free and open internet for almost 20 years”.