The 18-year-old, who won a bronze medal in the 10 metre platform diving event at the London 2012 Olympics, announced that he had "finally" been inked before posting a picture of the design on his Twitter page.
In the photo, Daley can be seen standing alongside fellow divers Sarah Barrow and Chris Mears, who now both sport the same motif on their ribs (Barrow) and wrist (Mears).
Metro reports that Daley described the experience as "quite an addictive pain".
"Getting it done was weird for the first 30 seconds," he said. "But then it was a bit therapeutic.
"'I don't think I'll get another tattoo. To get one it has to mean something to you."
This Thursday (August 16), Daley announced that he had received an A in his Spanish A-Level by sharing pictures of his results sheet with his followers. After picking up his results, he went on to record an episode of The Jonathan Ross Show, which airs tonight.
Plymouth-born Daley told the chatshow host that securing a medal at a home Olympics finally brought his family some happiness after a tough year.
"I'm gutted [my dad] wasn't there to watch it," he said. "[But] all the hard work we put in together when I was young paid off. It's good my family have finally got some good news."
The diver also joked about the size of his competition swimwear by turning up in a tiny pair of trunks, a shirt collar and a tie.
"The invite I got said smart/casual," he quipped.
See Tom Daley's interview on The Jonathan Ross Show tonight (August 18) at 10pm on ITV1. Other guests include Usain Bolt, Jessica Ennis and Colin Farrell.