The famous inventor known for developing the phonograph and the light bulb is Thomas Edison. Edison's contributions to technology during the late 19th and early 20th centuries had a profound impact on everyday life. His invention of the phonograph in 1877 was the first device capable of recording and reproducing sound, significantly influencing music and audio media. Additionally, Edison's work on the incandescent light bulb and electrical systems transformed the way people illuminated their homes and businesses. His innovations have left an enduring legacy in the fields of electricity and entertainment.