The other provisions that were held unconstitutional required that all second-trimester abortions take place in a hospital instead of a clinic and established medical-emergency exceptions to the waiting period and counseling rule.
The provisions fail to accomplish the state's goal of protecting women and their unborn children, the justices wrote in a 4-1 decision.
Most women already have their minds made up before seeking an abortion, and the waiting period only increases the psychological and financial burden, the court said in its first-ever decision on the issue.
Justice William M. Baker said in a dissent that the high court's decision had no basis in legal precedent.
The waiting period and pre-abortion counseling requirements were adopted in 1978 and were in effect for only 18 months because of legal challenges.
The state argued that it had a "significant interest in protecting the unborn" and that counseling is offered for many surgical procedures besides abortion.
Planned Parenthood also challenged the 1973 provision requiring all second-trimester abortions to be performed in hospitals.
The high court struck down the medical emergency exceptions because it found they do not go far enough to protect the health of a woman who needs an abortion immediately.