The procedure was performed at the Hospital for Special Surgery in New York. The Nets said the surgery was successful and Lin is expected to make a full recovery.
Lin tweeted a picture of himself and coach Kenny Atkinson at the hospital, thanking fans for their support.
Atkinson was a Knicks assistant when Lin had his breakout run of "Linsanity" during the 2011-12 season.
"We just were in a comfort zone. We've known each other for a long time and that's what makes this harder,'' Atkinson said.
Lin was hurt Wednesday night during the Nets' first game of the season when he landed hard after a drive to the basket in the fourth quarter of a 140-131 loss toIndiana.
General manager Sean Marks said the Nets would look at a variety of options, including applying for an injury exception.
Lin played in just 36 games during an injury-plagued first season in Brooklyn. The Nets had been planning to start him alongside D'Angelo Russell in the backcourt this season, and Atkinson was still deciding who would replace Lin in the lineup against the Orlando Magicon Friday.
"Obviously we would have loved to have him healthy and I think that's where it hurts,'' Marks said. "It hurts not only us because we would have loved to see him from a front-office standpoint, [but] from a coaching standpoint all the hours that Kenny and the coaching staff have put in to specific lineups and end-of-game plays and different scenarios.''
Russell likely now will move to point guard, and Allen Crabbe will become the Nets' starting shooting guard. Caris LeVert, in his second year in the NBA, could get much more time as well. LeVert was slowed by injuries at Michigan and again in his rookie season. He missed all of the summer sessions, preseason and the start of the regular season because of foot issues but played 57 games in 2016-17.
Both Russell and Crabbe were acquired in trades this summer. Russell and Lin were expected to play together in the Nets' backcourt, but Russell, 21, is considered the franchise's point guard of the future.
Information from ESPN's Adrian Wojnarowski and The Associated Press was used in this report.
Lin comes down awkwardly, hurts knee
Jeremy Lin goes up for a layup and hurts his knee as he lands. The following day the Nets announced Lin would be out for the season.