In January 2013, Bolton Wanderers made a successful £300,000 transfer bid for Davies, and began negotiating personal terms.
He agreed to a two-and-a-half-year deal, and became Dougie Freedman's first permanent signing as the "Trotters" manager.
He made his debut for Bolton on 19 January, as a late substitute for Darren Pratley in a goalless draw with Crystal Palace at Selhurst Park.
He scored his first goal for Bolton on 9 February in a 2–1 win over Burnley at the Reebok Stadium, and followed this up with the equalising goal for Bolton in a 1–1 draw with Nottingham Forest at the City Ground just a week later.
He was sent off after receiving two yellow cards in a 3–2 defeat to Charlton Athletic at The Valley on 30 March.

He played ten games without scoring a goal as he struggled with injuries during the first half of the 2013–14 season.
On 31 January 2014, Davies joined Preston North End on loan for the rest of the season, where he scored 5 goals in 15 appearances.
He marked his debut at Deepdale the following day with the opening goal of a 2–0 with over Notts County.
On 12 April, he scored a hat-trick for the Lilywhites in a 6–1 home win over Carlisle United.
Simon Grayson's Lilywhites went on to secure a play-off place at the end of the 2013–14 season, losing to Rotherham United at the semi-final stage.

In the 2014–15 season, Davies struggled with hamstring problems, as did a number of his teammates.
On 6 April, he scored a second half brace in an away game against Cardiff City, but yet again he pulled up in training later that week with another hamstring injury.
He was released by manager Neil Lennon in May 2015.
In January 2013, Bolton Wanderers made a successful £300,000 transfer bid for Davies, and began negotiating personal terms. He agreed to a two-and-a-half-year deal, and became Dougie Freedman's first permanent signing as the "Trotters" manager. He made his debut for Bolton on 19 January, as a late substitute for Darren Pratley in a goalless draw with Crystal Palace at Selhurst Park. He scored his first goal for Bolton on 9 February in a 2–1 win over Burnley at the Reebok Stadium, and followed this up with the equalising goal for Bolton in a 1–1 draw with Nottingham Forest at the City Ground just a week later. He was sent off after receiving two yellow cards in a 3–2 defeat to Charlton Athletic at The Valley on 30 March.
He played ten games without scoring a goal as he struggled with injuries during the first half of the 2013–14 season. On 31 January 2014, Davies joined Preston North End on loan for the rest of the season, where he scored 5 goals in 15 appearances. He marked his debut at Deepdale the following day with the opening goal of a 2–0 with over Notts County. On 12 April, he scored a hat-trick for the Lilywhites in a 6–1 home win over Carlisle United. Simon Grayson's Lilywhites went on to secure a play-off place at the end of the 2013–14 season, losing to Rotherham United at the semi-final stage.
In the 2014–15 season, Davies struggled with hamstring problems, as did a number of his teammates. On 6 April, he scored a second half brace in an away game against Cardiff City, but yet again he pulled up in training later that week with another hamstring injury. He was released by manager Neil Lennon in May 2015.
Craig Davies (footballer)