He joined Malaysia as chief operations officer in September 2015 and took over as chief executive in July previous year.
Bellew - who is now the boss of Malaysia Airlines - will officially take up his new position as chief operations officer on 1 December and will be responsible for all of Ryanair's flight operations, ground operations and engineering.
He will join Ryanair in Dublin Dec. 1.
Chief executive Michael O'Leary said: "We are pleased to welcome Peter back to Ryanair". He joined Malaysia Airlines as chief operations officer in September 2015 and took over as chief executive in July a year ago.
"I don't think it was a triumphal period in the history of Ryanair". "I look forward to working with all the team and all the crews I know so well to further develop our growth to 600 aircraft over the next six years", he was quoted as saying in the statement.
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Ryanair in all has announced the cancellation of around 20,000 flights after admitting it did not have enough standby pilots to operate a reliable schedule.
MAS, in its statement, even made reference to Bellew's commitment to stay on with the Malaysian airline expressed less than a month ago.
The article claimed that MAB's previous CEO, German aviation executive Christoph Mueller, also had disagreements with Khazanah and quit after less than a year on the job.
He previously worked in Ryanair until 2014 as director of flight operations.