The 22-year-old has returned to Bloomfield Road just six months after making the move to Middlesbrough for an undisclosed fee.
The left-back struggled to break his way into Jonathan Woodgate's plans at the Riverside, making just eight appearances for the Championship outfit.
Bola, who impressed during his 43 games for Pool last season, was subsequently allowed to leave on a short-term deal in search of regular first-team football.
Blackpool moved swiftly to seal his signature, beating off interest from several other clubs.
"It feels very good to be back," Bola said.
"I've been welcomed by my teammates and the staff, so I'm just ready to get back playing now.
"It means a lot coming back and just picking up from where I left off.
"I just want to play as many games as I can to help the team get into the Championship.
"Once I heard of the interest, it was an easy decision to make. Speaking to the manager and knowing the club inside out, it was a no-brainer for me to come back.
"Playing all those games last season meant so much to me so I want to get that feeling once again. I just want to get back into the team and enjoy my football.
"Most importantly it's about playing football and enjoying it. If I can do that and we're winning, then that's the aim.
"I feel good (fitness wise), it's just a matter of getting into the team although I know it's not going to be easy. I'm going to be working as hard as possible to impress the manager.
"There's some competition with Hubby (James Husband) and Macca (Calum Macdonald), who are both doing well.
"It's just a matter of me working hard and taking my shot and performing."