The famous inventor credited with developing the electric light bulb and phonograph is Thomas Edison. Edison was a prolific inventor who held over 1,000 patents and significantly impacted modern technology. His development of the practical electric light bulb in 1879 revolutionized how people lived and worked, extending productive hours into the night. Additionally, the phonograph, invented in 1877, marked a major advancement in sound recording and playback, laying the groundwork for the music industry as we know it today.