Mills signed his first professional contract with The Tigers last year, having initially joined the Hull Academy at under-13s level.
The Republic of Ireland under-19 captain has featured regularly for the Hull City under-23 side and last November he made his first team debut for Hull, coming on as a late substitute in their win over Cardiff City.
Head coach Martin Rennie told the Falkirk website: “Jevon is a young player with lots of potential. He comes to the club highly rated by Hull City, and he will be an excellent option for us this season. He is an extremely bright prospect who we are delighted to bring in and the opportunity for him to come to us at this stage of his career and play first team football will benefit him massively.
“I would like to thank Hull City for making this move possible and I look forward to welcoming Jevon to Falkirk until the end of the season.”