The 53-year-old Holloway, who played for QPR from 1991-96 and managed the London club from 2001-06, has signed a two and a half year contract at Loftus Road.
He replaces former Dutch international Jimmy Floyd Hasselbaink, who was sacked last week with the team 17th in the table.
“I feel this is the right time for me. I feel like I'm back home now and I can't wait to get started,” Holloway told the QPR website.
“People would die for this club – and I want our players to show that in their performance, and our fans to show them that they care about the players as much as I will do as their manager."
Holloway managed Blackpool from 2009-12 before spells in charge of Crystal Palace and Millwall, who sacked him in March, 2015.
“Ian is QPR through and through and knows both what it takes and what it means to manage this club," QPR director of football Les Ferdinand said.
“He knows the club inside-out, but more importantly than that, he knows the Championship inside-out. He’s managed hundreds of games at this level and has enjoyed great success too."
Holloway's first game in charge of QPR will be after the international break, at home to Norwich City next Saturday.
(Reporting by Steve Tongue, editing by Ed Osmond)
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