The Germany global joins Palace on a Bosman free after his contract expired and has signed a three-year contract reportedly worth £80,000 a week.
Meyer signs for Palace on a free transfer after the midfielder let his contract at Schalke run down after the club refused to bow to his high wage demands.
He played a key role in Schalke's runners-up finish in the Bundesliga last season and made a total of 192 domestic and Champions League appearances, scoring 22 goals.
He will earn a reported £80k per week at Palace, less that what the club were paying Yohan Cabaye.
He told PalaceTV: "I'm so happy". I can't wait to start training with the team and I hope I'll have a good season.
This is still a major signing for the Eagles who are looking to make a big impact on the Premier League this year.
Arsenal were rumoured to have an interest in the Germany worldwide, but his wage demands have reportedly put many teams off - especially considering his disappointing season last time out.
Earning his first senior global cap in 2014, Meyer had been prolific at youth levels for Germany and was an integral part of the side that won the silver medal at the 2016 Olympics.
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