The five-judge court will deliver a full judgment outlining the reasons behind the majority ruling at a later date.
Mr Quinn will remain in prison and is due back before the High Court on Friday.
He has served almost three months in jail.
However, the Supreme Court set aside an order of the High Court which allowed for his indefinite imprisonment until he purges his contempt.
This order related to a number of coercive orders aimed at reversing an asset-stripping scheme.
Parts of the order relating to financial disclosure and the appointment of receivers were upheld.
IBRC may make a new application to the High Court to have him returned to prison in respect of his involvement in a payment of half a million dollars from a Ukraine company.
He did not react when the ruling was delivered. Members of the Quinn family including his wife and two of his sisters were in court for the ruling.
They made no comment as they left the Four Courts shortly after Mr Quinn was taken back to prison in an unmarked car.
The majority decision was delivered this morning by Mr Justice Niall Fennelly. In a dissenting opinion Mr Justice Adrian Hardiman said he would have allowed the entire appeal.
The decision follows a four day appeal against his Mr Quinn's conviction and imprisonment for contempt of court last July.
He had appealed the three-month jail term imposed in July for breaches of court orders not to interfere with the Quinn family's €500m international property group (IPG).
He was jailed after the High Court found he failed to take steps to reverse an asset-stripping conspiracy to put funds beyond the reach of IBRC, formerly Anglo Irish Bank.
Lawyers for Mr Quinn argued before the Supreme Court that he was wrongfully convicted of contempt and jailed.
They said the approach taken by the High Court in jailing him indefinitely until the contempt is purged by his father Seán Quinn was legally unsound.
They also argued there was insufficient evidence to convict him of contempt.
However, lawyers for IBRC had asked the court to consider what it described as significant new evidence which they said showed Seán Quinn Jnr had far more control over companies involved in the asset-stripping conspiracy than he previously admitted.
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