The 32-year-old Northern Ireland international - who has signed a two-year contract - is predominantly a striker but can also play on either wing, providing the Saddlers with various attacking options heading into the new League One season.
Jones rose to prominence at Crewe before completing a switch across the north-west to Burnley in 2006.
Loan spells back at Crewe, Huddersfield and most recently Bradford - where he spent the majority of last season - followed, before Burnley boss Owen Coyle opted not to offer him a new deal at the end of last season, bringing an end to a three-year spell at Turf Moor in which he made over 60 appearances.
Walsall manager Chris Hutchings, who also revealed further signings are very close, told the club's official website: "He is a player who will excite people. We had to fight off plenty of competition from elsewhere to secure his services and he is a great acquisition for this football club.
"He can create ans score goals and his experience will benefit those around him. He is comfortable on the left, right and through the middle, so he will increase our options."