The Emma Watson film was due to open on Thursday but has been put on hold due to an "internal review". No specific reason has been given for the decision.
The film courted controversy last week after it emerged it would feature a "gay moment".
Homosexual activity is illegal in Muslim majority Malaysia, although the tourism minister has said banning the film is "ridiculous".
"You don't ban a film because of a gay character," Seri Nazri Aziz told the Malay Mail.