The forward signs a one-year contract at Macron Stadium having spent the past three seasons at Ashton Gate.
A Sky Bet Championship runner-up with Norwich City in 2011 and Play-Off Final winner with Crystal Palace in 2013, the 37-year-old recorded a career-best 21 goals in his first season with Bristol City as they lifted both the Sky Bet League One and Football League Trophy titles in 2014/15.
Starting his career with Stockport County, Wilbraham moved to Hull City in 2004 and won promotion from Sky Bet League One in his solitary season with the Tigers.
Joining MK Dons the following summer, he was a Sky Bet League Two and Football League Trophy winner with the club in 2007/08 prior to his successful stints with the Canaries, Eagles and Robins.
Speaking to bwfc.co.uk after completing the move, Wilbraham said: "I'm really pleased to get the move over the line and can't wait to get going.
“I've joined the club at an exciting time following their promotion back to the Championship earlier this year and I'm really looking forward to introducing myself to the fans.
“I feel I bring a lot of experience to the table and I'm ready to give my all for Bolton Wanderers in what should be an exciting season for us.”
Whites manager Phil Parkinson added: “I’m really pleased to have got Aaron on board and I’m looking forward to working with him over the coming season.”
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