The 28-year-old midfielder follows defenders Aaron Hughes and Lennard Sowah in joining Ian Cathro's side in the January transfer window.
Martin started his career at Monaco and has played in England and Switzerland.
"I hope to have a lot of success with this club," Martin told the Hearts website.
"The facilities here are amazing and the club has amazing potential. I've played in the UK in the past and I've known about Hearts and the Scottish league for a long time."
The France Under-21 cap played for Middlesbrough in the Championship in season 2011-12 and has scored a total of 19 goals in 128 club appearances. His contract with Lillestrom expired on 1 January.
Hearts visit Raith Rovers on Sunday in the fourth round of the Scottish Cup, before resuming their Premiership campaign away to leaders Celtic on 29 January. Cathro's men are fourth in the division.
Frenchman Malaury Martin has signed for Hearts on a three-and-a-half-year deal following his departure from Norwegian club Lillestrom.