Yes, "He put his book down on the table." makes sense and would be used by a native English speaker, though it would also make sense if the sentence was "He put his book on the table.", omitting the word "down".
If the person were putting the object on something higher than waist level where one would have to "reach up" one might add the adverb "up", as in the following examples:
He put the book up on the shelf.
She put the vase up on the mantle.
I put the luggage up on the car rack.
However it would still make sense even if the word "up" were omitted, the listener/reader would not be confused.
In contrast, one might add the adverb "down" if the person were putting the object on something lower than waist level where one would have to "bend down", as in the following examples:
He put the book down on the floor.
She put the vase down on the ground.
I put the luggage down on the baggage carousel.
As with "up", these sentences are still both correct and understandable if the adverb "down" is omitted.
By the way, this "waist level rule" (if one wants to call it that) may simply be my interpretation of common English speech, I can't cite any specific grammar references for its usage.