The 19-year-old striker has fallen down the pecking order at the Reebok following the arrivals of loanees Salva Ballesta and Pierre-Yves Andre.
Walters signed for Wanderers from Blackburn and has made big strides this season, playing in four Premiership matches and winning a semi-regular spot on the bench.
And boss Sam Allardyce has backed him to become a big part of Bolton's future when he returns from his loan spell with Peter Taylor's Tigers.
'Jon's very much part of our plans for the future but this loan move will help him to gain more experience,' he told the club's official site
'I'm sure he'll do very well for Hull during his spell there.'
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