The Devils have acquired forward Trent Hunter from the Islanders for forward Brian Rolston.
Rolston waived his no-trade clause so the deal could be consummated.
"I've known for a little while that the Islanders wanted me and I know there was another team at the trade deadline as well," Rolston told The Bergen Record.
"But this was just a matter of pulling the trigger. "It will be a fresh start for me with a good, young team that I think has the capability to be a playoff team."
Devils Trade Brian Rolston To Isles