Ruby, the 21-year-old mare, stumbled into the River Irwell near Bolton, while out with her rider on Tuesday morning.
Accompanied by a vet, 10 firefighters from Greater Manchester Fire and Rescue Service spent an hour hauling the animal to safety using a harness.
After a brief rest Ruby trotted back to the stables to be given the all-clear.
A one-eyed horse has been rescued from a river in Greater Manchester by firefighters.