A statement by Wandsworth Borough Police confirmed there was a "large police presence" in the area, leading to major road closures and traffic disruptions.
The Metropolitan police have since concluded their search, saying there was "nothing found" in the area.
A spokeswoman for the force confirmed officers had received a report alerting them to a potential "suspicious item" - but that no threat was uncovered.
The iconic south London building is currently being renovated and turned into high-end flats, part of a regeneration project for the area following the construction of the US Embassy on Nine Elms Lane.
The coal-fire powered station had previously fallen into disuse after being decommissioned in 1975, however remained a key landmark on the London skyline with influences on architecture and art including the cover of Pink Floyd's 1977 album, Animals.
The developers for the building said at the time of the incident: "We are aware of a security alert on the Battersea Power Station Phase 3 building site.
"The situation is being managed by the Metropolitan Police and we will assist them wherever possible."