The pacey winger had a big impact after arriving on loan from Derby County in the January window.
However, he was forced off during the first half of the draw at Rotherham United after pulling up while taking a shot.
Steven Schumacher admitted last week that the 28-year-old might not play again this season due to the severity of the injury, and now those fears have been confirmed.
Blackett-Taylor thanked the fans for their support over the past few months and said he will be cheering the team on for the rest of the campaign as they battle to win promotion back to the Championship.
“Instantly from arriving at the club I felt the passion and support from the fans, club, staff and players,” he wrote on Instagram.
“I have no doubts about the club achieving its target of promotion. I want to say a huge thank you for making me feel so welcome and comfortable.
“Unfortunately, my season is concluded due to my injury but I’ll be here supporting the team to the very end.”
Blackett-Taylor scored the winner on his debut against Wimbledon. He also played a key role in the comeback against Wycombe, setting up Mason Burstow’s equaliser before curling home a superb strike at the death.
Wanderers’ other wing options include Thierry Gale, Ibrahim Cissoko, Rob Apter and Amario Cozier-Duberry, who is closing in on a return to the pitch after a frustrating spell out of action with a knee issue.
Steven Schuamcher’s side are back in action on Good Friday when they head to Plymouth Argyle, who are just outside the play-offs after a good run of results. Bolton are currently third in the table.