Kingsbury will replace Tee Martin, who was dismissed as the Trojans' offensive coordinator last week.
The 39-year-old Kingsbury was fired by the Red Raiders last month following a third straight losing season.
Kingsbury has posted a 35-40 overall record (19-35 in Big 12) over six seasons with Texas Tech. He still had two years remaining on his contract with a $4.2 million buyout.
Kingsbury recruited, signed and developed Kansas City Chiefs quarterback Patrick Mahomes.
Prior to taking the head job with the Red Raiders, Kingsbury was the offensive coordinator and quarterbacks coach at Texas A&M, where he worked with 2012 Heisman Trophy winner Johnny Manziel. Kingsbury also coached Denver Broncos quarterback Case Keenum while at the University of Houston.
Martin called the offensive plays at the onset of the season for USC (5-7), but he was relieved of those duties at the end of October. At that time he was retained as the team's wide receivers coach and recruiting specialist.
Martin was joined by defensive line coach Kenechi Udeze and defensive backs coach Ronnie Bradford in being dismissed by the Trojans last week.
Also, quarterbacks coach Bryan Ellis has left to "pursue another opportunity." That opportunity might be on the staff of new Western Kentucky head coach Tyson Helton, the younger brother of the USC head coach.