The 24-year-old has linked up with the Seasiders until the end of the season.
Following Paul Ince's departure from Bloomfield Road earlier this week, former Rovers skipper Barry Ferguson was placed in temporary charge and the midfielder was quick to recruit the fellow Scot.
Goodwillie joined Rovers from Dundee United in August 2011, but has found first team opportunities limited at Ewood Park, making 34 appearances and scoring five goals.
August 2012 saw the Scottish international join Crystal Palace on loan, but he made just one substitute appearance during his time in London.
Goodwillie rejoined Dundee United at the start of this season, scoring six times in 22 appearances during a six-month spell.
He was an unused substitute at Nottingham Forest last weekend, but last appeared for Rovers on the final day of last season.
The striker has been signed in time for Blackpool's match against Doncaster Rovers tomorrow. The terms of his loan means that he is ineligible to face Rovers at Ewood Park on Saturday February 1st.