The school said the medical condition was unrelated to COVID-19, but it is not disclosing the issue in accordance with HIPAA.
In June, Hinson cited the Mississippi flag as one of the reasons for his transfer to Iowa State.
"It was time to go and leave Ole Miss," Hinson told the Daytona Beach (Florida) News-Journal. "I'm proud not to represent that flag anymore and to not be associated with anything representing the Confederacy."
Hinson averaged 10.1 points and 4.6 rebounds per game last season, and he started 58 of 60 games in his two seasons at Ole Miss. He has two years of eligibility remaining.
Iowa State coach Steve Prohm said that Hinson, who is from Deltona, Florida, would return home to be with his family while he deals with his health.
"In his two and a half months with the program, Blake has become a valuable member of the team and a leader within our program," Prohm said. "The most important thing to all of us is his well-being. We fully support his desire to return home and look forward to his return when the time is right for him. I know that when he returns, Blake will continue to be a leader this season and next season when he is back on the court with our team."