The 6ft 6in shot stopper will join up with the Bairns for the rest of the season.
The Northern Ireland under-21 international will join up with the Bairns, managed by former Celt Paul Hartley, for the remainder of the season.
Hazard was promoted to the Celtic first-team by Brendan Rodgers after impressing his compatriot and was handed a new four-year deal in September 2017.
As it stands, the youngster is third choice goalkeeper at his boyhood club behind Craig Gordon and Dorus De Vries, and a loan move will likely give him a better chance of some senior first-team football in the short term.
Falkirk sit second bottom of the Championship and will be hopeful Hazard can help prevent the side slipping further down the table, as they look to finish strongly in the second half the season and remain in Scotland’s second tier.
Speaking to the club website, Hartley said: “We are really pleased to bring in another quality player in Conor.
“I have spoken with Brendan Rodgers at length over Conor and I know just how highly thought of he is at Celtic Park.
“This is a move that will hopefully benefit all parties as I know that both Conor and Celtic were keen that he went out on loan to gain some valuable first team experience.
“He is extremely enthusiastic about coming here and I look forward to working with him over the next six months.”
Hazard himself had to say: “It’s great to be here. This is my first time out on loan and my first time in senior football so I am really looking forward to showing everyone what I can do.
“I came here to try and get first team experience, but it’s up to me now to work hard and show the manager that I deserve to play.”