The 26-year-old Barcelona product joined Stoke for £3million in the summer of 2014 and made an instant impact in the Potteries.
Bojan scored 15 goals in 59 Stoke appearances, but has fallen out of favour under Mark Hughes this season and made only five Premier League starts.
"It is an honour for me that Mainz 05 gives me the opportunity to prove myself in another European top league," Bojan told the German club's official website.
"I look forward to the team as well as to fans and to help the 05ern soon on the pitch."
Mainz coach Martin Schmidt said: "In Bojan, we are able to win a strong, dangerous and creative attacking midfielder with outstanding footballing quality, which he can play on all offensive positions.
"I am looking forward to the exciting task of providing him and his individual opportunities in the coming months for our team."
Bojan's departure comes after Stoke signed West Brom striker Saido Berahino for an initial £12million on a five-and-a-half-year contract.
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