The 23-year-old has signed a four-year deal at Selhurst Park and caps a huge summer at the south London club.
Eagles manager Patrick Vieira has overseen a sizeable overhaul of his squad during his first window at the club. Nine experienced players left at the end of their contracts following last season.
In their place, Edouard joins a list of Marc Guehi, Conor Gallagher, Joachim Andersen, Michael Olise and Will Hughes in terms of incomings.
Vieira had been keen to add a striker to complete his summer spending.
“I’m very happy to be here today,” Edouard said following the confirmation of his deal.
“I can’t [wait] start to train with the team and to play for this club… Scoring goals in the Premier League may be the biggest challenge in my career. But I’m confident in myself and my teammates to be successful.”
Palace chairman Steve Parish said: “Odsonne is a player of proven quality. He was a player in high demand and I’m delighted he chose to join Crystal Palace as another fantastic addition to our squad.”