Authorities received information that suicide bombers from so-called Islamic State (IS) could target the main station or Pasing station, Bavaria's interior minister said.
Both stations have since reopened, police tweeted.
Cities across Europe have been on alert for a possible New Year's Eve attack.
"I am happy that nothing has so far happened and I hope it stays that way," said interior minister Joachim Herrmann.
Between five and seven militants were thought to be planning an attack, Munich's police head Hubertus Andra said.
Germany's Federal Criminal Police Office alerted Munich police after receiving the tip-off from a "friendly intelligence agency" on New Year's Eve, Mr Herrmann said.
Local media reports say the information had come from French authorities.
The city's police said they had called in reinforcements from southern Bavaria and special police units were already operating in the city.
Security concerns had already caused New Year celebrations to be cancelled or limited in other European cities.
The authorities in Brussels called off all official events after three people were detained on Thursday in connection with an alleged New Year's Eve plot.
They are being held for a further 24 hours, prosecutors said. Two other terror suspects were arrested earlier this week.
In Berlin, officials said the security situation remained unchanged despite the alert in Munich.
Backpacks and fireworks were banned and bags searched on the "party mile" leading up to the Brandenburg Gate.
On Wednesday, Turkish police arrested two suspected IS members over an alleged plot to attack celebrations in Ankara.
State media said they were planning two separate attacks on crowded areas. Suicide vests and explosives were found during police raids.
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