The 36-year-old had been seeking early release 10 years after the Valentine’s Day shooting.
But the prison authorities said he had not served enough time and they would consider the matter again next year, BBC reported.
Ms Steenkamp’s parents welcomed the decision, but said it was not a cause for celebration.
“We miss Reeva terribly and will do so for the rest of our lives. We believe in justice and hope that it continues to prevail,” a family statement said.
The six-time Paralympic gold medallist has expressed his deep remorse for killing his girlfriend in 2013, but continues to maintain he shot her by mistake, believing she was a robber.
“I don’t believe Oscar is remorseful… or rehabilitated,” June Steenkamp, Reeva’s mother, said before she appeared at the hearing at Atteridgeville prison, a low-security facility outside the city of Pretoria.
Prisoners become eligible for parole in South Africa after serving half of their sentence.
Correspondents say confusion over the timing of his sentence comes as he was sentenced twice and spent time under house arrest.
Pistorius was initially found guilty of culpable homicide, but on appeal by the prosecutor he was convicted of murder, on the grounds that he must have known his actions – shooting three times through a locked bathroom door in his Pretoria home – would lead to the death of whoever was on the other side.
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