The England Under-19 international, who made his seniot Blues debut against Manchester United in May, will spend at least a month at Boundary Park.
Grant said: "It is a good move for me. I spoke with Jose Mourinho and he told me that he thought it would be a good idea for me to go on loan and get some more experience with another club.
"I am going to have to prove myself to the Oldham manager and the players and that will be a big incentive for me, as will helping the team in their bid for promotion. They are doing well and hopefully I can help them even further."