The operation, performed by Brazilian national team surgeon Rodrigo Lasmar, began early on Saturday morning in the Mater Dei hospital in Belo Horizonte.
Just after midday (1500 GMT), a spokesman from the Brazilian football federation announced that the operation was over.
"Neymar is already in his room. It went well," he said.
Neymar broke his fifth metatarsal -- the bone leading to his small toe -- during a 3-0 drubbing of Marseille on February 25.
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Neymar will miss PSG's make-or-break game against Real Madrid next Tuesday. But with Lasmar predicting a recovery period of two and a half to three months, Brazil is worried that Neymar, 26, may not be fit for the World Cup in Russia starting in June.
The rival demands from club and country appeared to erupt into tension just as he went under the knife, with Paris newspaper L'Equipe reporting Saturday that PSG believes Lasmar lied about Neymar's condition.
Globoesporte.com reported that PSG also insisted it control any future information on the player's health.
Staff at the hospital in Belo Horizonte, were put on paparazzi lockdown, with a ban on using cellphones anywhere near the star.
- World Cup still possible -
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After a remarkable turnaround in fortunes since the shambolic exit in a 7-1 semifinal loss to Germany in the 2014 World Cup, Brazil are seen as top contenders in Russia.
Jose Luiz Runco, a former chief medical officer for the Brazilian team, told AFP that Neymar will walk with crutches after two to three weeks, exercise while putting weight on his repaired foot after about 60 to 75 days, and then returning to training.
"He's likely to recover pretty quickly because he's an athlete and young."
A potential plus for Neymar is that the enforced break from competitive football may do him good.
- Expectations -
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Neymar may not be able to walk for a while, but he is already carrying the burden of a nation's expectations.
"I hope he recovers quickly in time for the Cup, so that he can play," said Mateus Falqueto, 13, who waited outside the hospital in the hope of getting Neymar's autograph on a yellow Brazilian team shirt that had already been signed by several other players.
"I don't think fans like them exist anywhere else," she said. "It's remarkable. There's a sacred place at home where they keep anything that has something to do with Neymar. They watch all the games and when Neymar was injured they cried."
"Their dream is to meet Neymar. They know it's very hard but at least here they can feel close to him."
Neymar has suffered 14 injuries that forced him to miss at least one game, including the fractured vertebrae during the 2014 World Cup which forcied him to miss the infamous thrashing by Germany, but the latest is by far the most serious, GloboEsporte.com said.