The 26-year-old was released by York City after failing to score in 14 appearances last season.
However, he netted 26 times in 69 appearances in a two-season spell at Barnet between 2012 and 2014.
Hyde is the Boro's fourth signing of the summer, following left-back Andrew Fox and forwards Matt Godden and Rowan Liburd.
"I know this league inside out now and any team can go on a run, but it's who does it for the longest period that counts.
"It's about winning games and fingers crossed I can help Stevenage do that this season," he told the club website.
Details of his contract with Stevenage have not been disclosed.
Find all the latest football transfers on our dedicated page.

The ship took shelter near Mounts Bay after an initial rescue at 22:00 BST on Sunday failed due to poor weather conditions, the coastguard said.
The men were airlifted to Royal Cornwall Hospital.
The Panamanian registered Bochem Oslo vessel had the highly corrosive acid on board for maintenance reasons. No cargo was on board.
Commander Scott Armstrong, who was flying a helicopter from RNAS Culdrose, said the swell 20 miles (32 km) off St Ives was a problem.
"We estimated there was about a 40ft movement on the ship, it was just too much, it was moving around too quickly," he said.
It is understood the tanker was en-route to Germany to pick up cargo.

Betsi Cadwaladr University Health Board (BCUHB) gave £20,000 towards the Lap of Wales Challenge.
But the Wales Audit Office found the board breached its own rules and regulations in handling the funding.
Board officials said they would learn from the experience after auditors highlighted a lack of transparency and poorly-managed conflicts of interest.
Auditors also found the health board failed to follow procurement rules when appointing suppliers for the event.
The Lap of Wales Challenge was organised by Cerddwn Ymlaen under the leadership of its national organiser Eryl Vaughan and was fronted by the Welsh opera singer Rhys Meirion.
The event cost more than £150,000 to arrange and the surplus was £1,368.
The challenge saw a number of Welsh celebrities undertaking a week-long journey through Wales in July 2015 to raise awareness of the Welsh Government's changes to the organ donation law.
It was arranged in aid of Cronfa Elen. The fund was set up by Mr Meirion in memory of his sister who died in 2012, and was incorporated within BCUHB's own official charity, Awyr Las/Blue Sky in 2014.
The health board awarded £20,000 towards the event, with another £20,000 coming from Cardiff and Vale Health Board and £45,000 from the Welsh Government.
The report found £10,000 of BCUHB's contribution was awarded as a loan, but the paperwork was not processed by the health board's financial team.
Despite that, the funds were transferred.
Cerddwn Ymlaen said it was not aware it received a loan rather than a grant and would not have agreed to it, had it known.
To ensure the Lap of Wales project was not in deficit, Cerddwn Ymlaen undertook additional fundraising to meet the £154,054 cost of completing the challenge.
Concerns were also raised about a breach of the health board's financial regulations in relation to the challenge.
A spokesperson for BCUHB said: "The health board was very keen to learn from this experience which is why it asked the Wales Audit Office to carry out this review, as we recognise that to achieve the objectives of the charity, it is important to work with external bodies.
"Such arrangements are underpinned by trust, common objectives and mutual cooperation but misunderstandings can occur."
Officials added a new joint-working protocol would provide a robust governance framework for future projects and require all arrangements to be formalised.
League Two side Stevenage have signed their third striker of the summer by bringing in free agent Jake Hyde.
[NEXT_CONCEPT]
Three men have suffered burns from nitric acid while on board a ship off Cornwall.
[NEXT_CONCEPT]
Auditors have questioned the way a health board handled funding awarded to a celebrity-led charity event.