Nazif, who held the job during deposed President Hosni Mubarak's last years in office, was also fined 9 million Egyptian pounds ($1.48 million).
Prosecutors said he made 64 million Egyptian pounds by illegally acquiring land and an Alexandria apartment and making private profits from a public institution he founded. He had already been handed a suspended sentence on separate corruption charges.
Nazif, 60, was one of several senior officials detained in the days after Mubarak's overthrow as prosecutors began investigating the complex web of political and business interests at the top of the autocratic leader's government.
He was prime minister from July 2004 to Jan. 29, 2011 - the fourth day of the uprising against Mubarak.
His government pushed through free-market reforms aimed at stimulating investment in Egypt.
The pace of economic growth accelerated as a result but critics said the reforms widened an already gaping divide between the rich and the poor and failed to create enough jobs for a fast-growing population.