The 30-year-old has returned to the club he left two years ago and Diego Simeone has the option to make the deal permanent for just £34million next summer - £69m less than what Barca paid for him two years ago.
There was alarm bells - quite literally - at the 11th hour of the transfer.
Reports in Spain suggested the LaLiga registration system temporarily crashed at 11pm (BST), which caused a scare among Atletico and Chelsea fans, who thought it could put their loan for Saul Niguez in jeopardy.
A statement from the club read: "Antoine Griezmann returns to Atlético de Madrid after our club and FC Barcelona reached an agreement over a one-year loan with an option to extend for a further year, renewable by either party…"
Griezmann has been criticised for scoring just 35 goals in 101 appearances for La Blaugrana since his blockbuster £103million transfer from the Spanish capital.
He has failed to rediscover his best form in Catalonia - despite continuing to impress on the international stage with France, with whom he won the World Cup in 2018.
Nevertheless, Simeone will be confident he can get the best out of the player, who scored 133 goals in 157 appearances for the club in half a decade at the Wanda Metropolitano.
Barca, however, will be wary they could have another Luis Suarez situation on their hands.
Atletico sealed a £5.5m deal to sign the former Liverpool forward and it proved to be a brilliant piece of business.
The 34-year-old netted 21 goals and 32 appearances as Atletico claimed the LaLiga crown.