The 33-year-old has not played for Celtic since Brendan Rodgers took over as manager at the start of the season, and will provide midfield cover.
Hibs are currently without John McGinn and Fraser Fyvie until January, while Dylan McGeouch suffered an ankle injury in training this week.
Commons could feature against Morton on Saturday.
"Kris is an experienced, technically gifted player," said head coach Neil Lennon.
"So him coming in at this time is of benefit to the side as the games start coming in over the festive period.
"With us missing a lot of our regular midfield players, it is good to bring in someone with a lot to offer, even just on a short-term basis."
Commons, who was a key player for Lennon during his time in charge of the Scottish champions, says that the deal can be beneficial for both parties.
"It has come about very quickly, but I think it makes sense on both parts," he said. "I can try to get some football under my belt and give Hibs a helping hand as well.
"As much as I am trying to help Hibs, the club are trying to help me out a lot, so I'm grateful to them for giving me the opportunity to play football. I'm also thoroughly looking forward to hopefully helping them on the way and putting on the jersey and doing my best."
Hibs remain top of the Scottish Championship on goal difference, though the Edinburgh side have lost their points advantage over Dundee United in recent weeks.
The two pre-season favourites for the title are eight points ahead of Falkirk, with Morton another three behind.
Commons joined Celtic in January 2011, but his current contract is due to expire at the end of the season.
Celtic midfielder Kris Commons has joined injury-hit Hibernian on an emergency loan until 15 January.