Supt. Eddie Johnson said he made the decision to release the video "because the community needs some answers and they need it now." He said he wanted to clear up misinformation about the shooting.
After the shooting, crowds gathered near where the shooting occurred Saturday evening. Four police officers were injured and four protesters were also arrested. Protesters threw rocks and bottles at police officers and jumped on squad cars, damaging two vehicles.
WATCH: REAL-TIME VIDEO OF POLICE SHOOTING
CPD released two videos, one in real-time and another slowed down. The body cam video that was released does not have audio as there is a 30-second delay when the officer turns the device on.
The officer involved is in his probationary period. The officers involved in the shooting will be placed on administrative duties for 30 days.
The shooting happened at about 5:30 p.m. Just prior, officers on foot patrol noticed a man that they believed was armed.
WATCH: SLOW-MOTION VIDEO OF POLICE SHOOTING
When they approached him, there was a confrontation. Police said Augustus became combative, and apparently got away from police. That's when officers said they saw him reach for a weapon, and one of the officers opened fire, killing Augustus.
"It was some semiautomatic weapon. He also had magazines on him," said Chicago Police Chief of Patrol Fred Waller. "The police department gets no joy in these type of incidents...it's not something that they plan to do. It's just a tragic incident all the way around."
Witnesses said he was shot several times. Augustus was pronounced dead at Jackson Park Hospital, fire officials said. Police said a weapon was recovered from the scene.
Neighbors claimed Augustus had a conceal carry license and wasn't doing anything wrong, although officers said that is not true.
"Another black man killed by the police, something's got to change. I'm sick of this," said witness Allen Davis.
WATCH: Protesters clash with police in Chicago
The shooting is under investigation by the Civilian Office of Police Accountability (COPA), which said in a statement that it is committed to a "thorough, objective and unbiased investigation and requests the public's patience and cooperation."