Philogene agreed a five-year contract with the Premier League club, who he left to join Championship side Hull just 12 months ago.
The Villa youth academy graduate spent time on loan at Cardiff and Stoke before moving to Hull in 2023.
He scored 12 goals in 32 Championship appearances for Hull, sparking a race for his signature that also included Ipswich and Everton.
Ipswich had reportedly agreed a deal to sign Philogene last week, but a clause in the original sale to Hull gave Villa the right to match any bid.
The winger chose a return to his former club over a move to Ipswich, who won promotion to the Premier League last season.
Philogene made three top-flight appearances for Villa in his first spell, but is hoping to make a bigger impact for Unai Emery's men as they look forward to a long-awaited return to the Champions League next season.
"It feels amazing, it's like I'm back at home," Philogene said. "Unai spoke to me face-to-face and we had a very good conversation about my playing time.
"He said I did well when I was here in pre-season last year and that I'm going to get chances this time. It also depends on me and how I play."