Feeney, 29, previously spent time on loan at Blackburn at the end of the 2013-14 season, making six appearances.
The former Bournemouth and Millwall man, who finished last season on loan at Ipswich Town, made 71 league starts for Bolton during a two-year contract.
Rovers finished 15th in the table last term, 15 points clear of relegation.
Feeney is the club's fourth signing so far this summer, joining full-back Stephen Hendrie plus strikers Anthony Stokes and Danny Graham.
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Championship club Blackburn Rovers have signed former Bolton Wanderers winger Liam Feeney on a two-year deal, with the option of a further year.