The 23-year-old centre-back joined the Eagles on a season-long loan in June following Saints' promotion to the Premier League.
Martin made 17 appearances during Southampton's promotion campaign, but has hardly been used by Crystal Palace this term.
After playing five times in August, he fell out of favour and only made his sixth Palace appearance in the 3-1 defeat of Wolves on New Year's Day.
A post on Southampton's official Twitter feed said: "Aaron Martin has today returned to Saints after it was mutually agreed to end the defender's loan spell
at Crystal Palace."