Caufield, 20, had two goals and three assists in six games since being sent to the Rocket earlier in the season.
The team announced the move on Twitter on Thursday.
In an earlier stint with the Canadiens this season, Caufield, the 15th-overall pick in 2019, had one assist in 10 games.
To make room, Alex Balzile was sent back to Laval.
The Canadiens (4-12-2) host the Pittsburgh Penguins (5-6-4) in action Thursday night.