Blyth, who the Foxes signed from non-league Leamington last summer, will remain with the Magpies until March 13.
The move to Meadow Lane will be a second chance for the 20-year-old to pick up first-team experience this season having seen an autumn loan move to League Two side Burton, where he made two substitute appearances, cut short by injury.
Blyth has been a regular for Leicester's Development Squad this season, scoring six goals, but he has yet to make a senior appearances for Nigel Pearson's team.
Notts County are currently under the caretaker stewardship of Chris Kiwomya and sit 11th in League One.
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