Hoilett, 22, who opted not to sign a new deal with the troubled Ewood Park club after their relegation to the Championship, has agreed a four-year deal to become the seventh signing of a busy summer at Loftus Road.
The Canadian international midfielder's form was one of the few bright spots for Blackburn last season. He scored seven goals in a campaign that proved difficult for Blackburn both on and off the pitch, and Rovers manager Steve Kean had appeared resigned to losing him..
QPR boss Mark Hughes - a former Blackburn boss - told the club's official website: "Junior is a player I know very well. He was just a young boy trying to make his way in the game when I had him at Blackburn. I had him training with the first team early on because his talent was there for all to see.
"We knew then he was going to have a great future, and he's certainly shown that talent over the last few seasons at Ewood Park.
"He's a player of top quality and a player that can make things happen, both on his own and as a team player, and I am delighted he's chosen to come to us."
Hoilett said he felt Rangers were a club that "are certainly heading in the right direction", adding: "The ambition to take this club to the next level was something I really wanted to be part of.
"The manager and the owners have huge ambitions to achieve things here, and this is the perfect place for me to further my career.
"I have not achieved anything yet. I am still at the early stages of my career and have a lot to learn. I'm really happy to be here, and can't wait to pull on the Rangers shirt."
Under FIFA rules, Rovers are entitled to compensation for the Canadian-born forward, who joined their academy at the age of 13, and Kean has cited the case that saw Daniel Sturridge leave Manchester City for Chelsea in 2009, reportedly for around £6 million.
He said: "I don't know what the figure was for Daniel Sturridge, but I know it was a chunky figure. We have had Junior a long time, we have put a lot of time and effort in him, and I'm sure that will be reflected in the price."
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