The 26-year-old Netherlands international has found first-team opportunities hard to come by the past few months at the San Siro under Massimo Allegri, making 20 appearances across all competitions for the Italian giants this season before falling out of favour.
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With the player comfortable at both left-back and on the left side of midfield, the move to Craven Cottage sees him reunited with former manager Martin Jol, who coached the player during their time together at Ajax during the 2009-10 season.
"Fulham Football Club is delighted to announce the loan signing of Urby Emanuelson until the end of the 2012-13 season," a statement read on their official club website.
Emanuelson becomes the club's second signing of the January transfer window so far after they earlier completed the loan move for Arsenal midfielder Emmanuel Frimpong, also until the end of the campaign.