The 39-year-old will be reunited with former Blackpool manager Ian Holloway at Selhurst Park until the end of the season, as the Eagles chase promotion from the Championship
Phillips, who scored 19 goals in 64 appearances for the Tangerines will reunite with former manager Ian Holloway at Selhurst Park.
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He told the club's official website: "Blackpool were approached three or four weeks ago about a club taking me on loan and the club let me know I was available to go.
"I spoke to my agent and then I had a conversation with Ian Holloway and then in the last 24 hours it’s picked up again and he’s someone I know well.
"We obviously got on really well at Blackpool. He brought me in at a time when not too many people were looking for someone for my age.
"I repaid him with 17 goals and helping them to the play-offs so it was a gamble that paid off. I think I can still do a job, he knows that and that’s one of the reasons he’s brought me to the football club."