Floyd joins the AFC North franchise on a one-year deal.
"I'm excited to be a Raven," Floyd said in a Twitter video posted by the Ravens. "I'm excited to be in this community and this organization. I think it's going to be fun and exciting."
The 6-foot-3, 220-pound pass-catcher had 10 catches for 100 yards and a touchdown in 13 games last season for the Washington Redskins. Floyd's career has been largely underwhelming since the Arizona Cardinals made him the No. 13 overall pick in the 2012 NFL Draft.
The Notre Dame product had his best season in 2013, when he had 65 catches for 1,041 yards and five scores in 16 starts for the Cardinals. Floyd, 29, has failed to reach the 1,000-yard mark in any of his other six NFL seasons. Floyd had just 78 yards on 10 catches in 11 games during the 2017 season for the Minnesota Vikings.
He also had short tenures with the New England Patriots and New Orleans Saints. Floyd will have to compete for a role on the 2019 roster, as the Ravens used a first round pick on wide receiver Marquise Brown and a third round pick on wide receiver Miles Boykin in the 2019 NFL Draft.
Baltimore also signed pass-rushers Shane Ray and Pernell McPhee on Friday.