The defender was a regular performer under Karl Robinson, making 25 appearances in all competitions this season.
The 25-year-old was due to remain with the League One side for the entirety of the season, but Blackpool have opted to recall him early.
It’s understood the club have taken the decision to bring him back as it’s expected Daniel Gretarsson is due to depart.
The Iceland international has been strongly linked with a January move to Polish side Śląsk Wrocław and, speaking on Saturday, Neil Critchley conceded there had been interest.
Thorniley’s return also comes at a time when Blackpool are light on options at the back, with James Husband and Reece James already sidelined.
Luke Garbutt, meanwhile, hobbled off with a knee injury during Saturday’s 1-0 win against Millwall, leaving Critchley without a recognised left-back in his squad.
While Thorniley is a centre-back, he is left-footed and could fill in there in an emergency.
The 25-year-old’s return also comes amid Blackpool’s strong interest in Oxford’s central midfielder Cameron Brannagan.
According to recent reports, the Seasiders even offered Thorniley as part of a swap deal.
It’s understood the U’s are keen to bring Thorniley to the Kassam Stadium on a permanent basis, but valuations between the two clubs are someway apart.
Thorniley’s contract at Bloomfield Road expires this summer, although the Seasiders do hold the option to extend his deal by 12 months.
Oxford boss Karl Robinson said: “First of all we thank Jordan for what he did here. He settled in straight away, he is a tremendous competitior and it has been a pleasure to have him here. We wish him well back at Blackpool.
“We have options in that position and because we always knew there was the recall clause we have made plans for all eventualities and we will wait and see if we need to bring in a direct replacement in the next week or so.”
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