The 22-year-old has played four times for the Palace first-team since making his professional debut in a 2018 League Cup game with Middlesbrough. He scored on his debut during a loan move to Hamilton Academical in 2019/20.
He said upon joining Plymouth: “I’m really excited to be going on loan to Plymouth. It’s a great club and I’m looking forward to getting more experience under my belt and to continue my development there.
“Hopefully I can help the team push towards the play-offs for the end of the season.”
Woods becomes the latest link between the two clubs, with former players Jason Puncheon, Marc Edworthy, Yannick Bolasie and most recently Freddie Ladapo having played for both sides.
Everyone at Crystal Palace wishes Sam the very best for his time with Plymouth.