The 29-year-old former Charlton Athletic forward has penned a three-year deal with Town after scoring 17 goals in his one season at Layer Road.
Lisbie is pleased all the speculation about his future is finally over, telling Ipswich's official website: "It was getting a bit frustrating waiting for the transfer to happen, so I'm just glad it's all done now.
"I had offers from several clubs, but it was always going to be Ipswich for me. They play football the right way and that's not about to change.
"I scored 17 goals in a side that got relegated last season, but there's far more competition here so I know I'll have to work even harder and I'm ready for that."