He said his party, the Economic Freedom Fighters, would push for Mr Zuma's impeachment, and for parliament to be dissolved and for early elections to be held.
"In-between now and the impeachment the president will not speak in parliament. We will stop him physically. We will push him," Mr Malema said.
"Zuma is no longer the president of South Africa. That judgment has serious implications that he can no longer hold that office," he added.
The Constitutional Court ordered Mr Zuma to repay money spent on building an amphitheatre, swimming pool, visitor centre, cattle kraal and chicken run at his home in rural Nkandla in KwaZulu-Natal province.
The opposition brought the case after Mr Zuma ignored a 2014 ruling by anti-corruption czar Thuli Madonsela that he "unduly benefited" from the upgrades, and should pay back the money.
The court said the treasury should work out how much the upgrades cost, and Mr Zuma should "personally" repay the money.
A government statement said Mr Zuma was reflecting on the judgement, and would take "appropriate action".
It is unclear when parliament will meet to discuss the judgement.
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