The Roar announced on Thursday that the 30-year-old fullback had signed for the rest of the season.
Franjic is a major boost for Brisbane's defensive depth after losing Luke DeVere, Corey Brown and Daniel Bowles to injury.
Franjic left the Roar in 2014 and enjoyed stints at Russian club Torpedo Moscow, Melbourne City and, most recently, South Korean outfit Daegu FC.
"We are thrilled to welcome Ivan back to Brisbane Roar Football Club," Roar coach John Aloisi said.
"In the past, he played a key role in bringing success to our club and we believe he will be fantastic for our talented squad.
"We are signing an experienced, versatile footballer, who has played at the highest level for both club and country and will help lead the group."
Franjic, having played 20 matches for Australia, was a member of the Socceroos' 2015 AFC Asian Cup-winning squad.
"I have a lot of special memories in Brisbane and to come back and have these fans support me again is special," said Franjic who played 115 games for Brisbane from 2009-14.
"Brisbane is where I started and I think it's a good time to come back after playing abroad.
"I still believe I have a lot to learn in football and, with the experience in this squad and the coaching staff, I believe I can do that.
"I've been watching the games, and the boys have shown great character. That's always a special trait the team has had - we never give up."
Brisbane sit second last on the ladder with no wins from five games.