He jumped at 12,500 feet, floating down to the lawn of the George Bush Presidential Library on the Texas A&M University campus.
Asked before the jump if it would be his last, Barbara Bush responded: "You bet."
But then she hedged. "I'm going to announce it right now: He's going to jump when he's 80."
Bush will turn 75 on Saturday.
As a precaution, two ambulances were parked across the street from the landing site. But all went well.
Bush's first jump was during World War II, when he bailed out of his torpedo plane after it was disabled by Japanese fire.
The second time was two years ago, in Arizona. He said then he had promised himself after his wartime jump that someday he would parachute for fun.