The alarm was raised after the diver failed to return to a vessel which was about 12 nautical miles south-east of St Helier harbour.
Following a search operation involving assets including the RNLI, the JLA and a French helicopter, the diver was found by the RNLI inshore lifeboat.
In a statement, Jersey Coastguard said: 'Just after 10am this morning, Jersey Coastguard received a call from a local fishing vessel, stating that a diver from their vessel was overdue.
'The diver was on a drift dive approximately 12-nautical miles south-east of St Helier Harbour.
'The dive vessel had lost sight of the diver’s marker buoy and was unable to determine the position of the diver. The diver had been overdue by 20 minutes.
'Jersey Coastguard immediately tasked a number of assets to the location, including the RNLI, JLA and a French helicopter from Granville.
'A Mayday Relay was also broadcast, with numerous vessels in the area responding. Jersey Coastguard were able to determine the likely drift of the casualty from the diver’s last seen position and the search and rescue assets were then tasked to proceed to the search area and commence a search.
'Fortunately, the diver was located by the RNLI inshore lifeboat and after assessing the safety and welfare of the diver, was then taken back to the vessel. A sincere ‘thank you’ to all those who assisted us this morning.'