The ruling by US District Judge Derrick Watson stops the executive order from going into effect.
Hawaii is one of several US states trying to stop the ban.
The directive would have placed a 90-day ban on people from six mainly Muslim nations and a 120-day ban on refugees.
President Trump said it would stop terrorists from entering the US but critics say it is discriminatory.
Lawyers in Hawaii had argued that the ban would violate the US constitution by discriminating against people on the grounds of their national origin.
An earlier version of the president’s order, issued in late January, sparked confusion and protests, and was blocked by a judge in Seattle.
The White House has not yet commented on the latest ruling.
But Washington state Attorney General Bob Ferguson, who is attending a court hearing in Seattle in his efforts to block the travel ban, described it as “fantastic news”.
“It’s very exciting. At this point it’s a team effort – multiple lawsuits and multiple states,” he said.
The revised ban dropped Iraq from the list of banned countries and made green card holders and dual citizens exempt.
But more than half a dozen US states have joined lawsuits in an attempt to block it.