The 20-year-old joined the Saddlers from Villa in 2019 and has made 41 senior appearances in all competitions, scoring twice.
Boss Michael Flynn hopes Perry can get regular game time with the Glovers as he said: "It is a good move for Sam.
"It is a chance for him to play regular football and to continue his development at a club where I know it will be done right with the manager and assistant manger at Yeovil, and I wish him all the best for the season.”
Perry played 19 times in League Two for Walsall last season and scored in the 2-0 win over Port Vale at Bescot in April.
He heads out on loan after the Saddlers exercised a contractual option to keep him on their books earlier this summer.