The 21-year-old Huddersfield striker scored 19 goals for the Saddlers during a short spell with the team last season.
Hiwula told Walsall's official club's website, "It's good to be back.".
BREAKING | Jordy Hiwula rejoins Walsall on loan... https://t.co/KiZrRVob6d pic.twitter.com/91p5EHaY6J
— Walsall FC Official (@WFCOfficial) March 4, 2016