The decision comes after talks between Transport for London (TfL) and Redbridge Council, following residents’ concerns.
From Monday, August 18, the lanes between Keswick Gardens and Clayhall Avenue will only function Monday to Friday, 7am to 10am and 4pm to 7pm.
Outside these hours, all traffic can use the lanes.
Initially, TfL proposed 24/7 operation, which would have limited the A1400 Woodford Avenue to single-lane traffic at all times.
The change follows several meetings between Redbridge Council leader Councillor Kam Rai and TfL officials, including the deputy mayor.
Councillor Rai said: “As a local resident, I understand the impact road network changes can have on our neighbours.
“We’re committed to ensuring people can go about their busy lives with minimal disruption.
“Local residents raised concerns about the initial installation and operating times of the bus lane, and we listened.
“That’s why we met with TfL on behalf of Redbridge residents to discuss improvements.
“I’m pleased that TfL has responded positively.”
During the operating hours, the lanes are strictly for buses, cyclists, motorcyclists, Dial-a-Ride vehicles, and emergency services on blue-light calls.
Other vehicles must use the offside general traffic lane.
TfL aims to update road markings and signs from Saturday, August 9, ready for the new schedule.
It has already changed signal timings at the Clayhall Avenue junction.
This will let more vehicles turn right on green and reduce queuing, the council said.
TfL will continue to monitor traffic and make further changes if needed.
Residents with questions or concerns about TfL’s bus priority scheme can contact TfL directly on 0343 222 1234.
For more details, visit the TfL website.