The 22-year-old has struggled for opportunities since recovering from an injury suffered against Swansea City on the opening day of the Premier League season.
The England Under-21 international has previously spent time at Leicester City, Birmingham City and Brighton, and becomes the Rams' second loan signing of deadline day following Tom Ince.
"Jesse Lingard is an exciting talent and someone that we are looking forward to working with," manager Steve McClaren told Derby's official website.
"He strengthens the attacking options that we can call upon and given we’ve lost Jordon Ibe and Johnny Russell in the last few weeks it was important to strengthen in that particular area of the side."
