German Chancellor Angela Merkel was set to attend the match at the 49,000-capacity HDI Arena.
The German national team`s players were put under police protection.
Following the bomb threat, fans were told to return home "quickly, but without panic".
Germany`s Minister of the Interior Thomas de Maiziere told a news conference: "The match was called off on my recommendation.
"There is a high level of threat for Germany and Europe."
Belgium`s friendly with Spain in Brussels, also scheduled to be played on Tuesday, was called off on Monday because of security fears in the wake of last week`s attacks in Paris.
England`s match against France at Wembley on Tuesday night went ahead, with tributes paid to the 129 people killed in Paris on Friday.
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