As states i am running a time-dependent simulation in solid mechanics. I want to set a prescribed displacement to zero for the first 0.05s and then release it to free. Is there any way that I can do it?
Yes, super easy and can be performed in several ways. Run your simulation for 0 - 0.05s, then modify your boundary condition and run your second simulation for 0.05 - t_end. Insert first simulation results as initial condition for second simulation.
Just as Amir said, add more steps to your transient study. In the first step, go to 0.05 s with the boundary applied, then in the next step you can disable it.