In
| Player | Team | Date | Fee |
|---|---|---|---|
| Alec McCartney Billy Scott | Linfield | July 1904 | £600 |
| Sam Ashworth | Manchester City | 23 September 1904 | Amateur |
| William McLoughlin | Hamilton Academical | 7 October 1904 | £35 |
| Charles Evans | Liverpool | 18 November 1904 | £21 |
| Leigh Roose | Stoke | November 1904 | Amateur |
| Total (initial fees only): | £656 | ||
- Alec McCartney and Billy Scott (Linfield) – Transfer completed around 15th July 1904.
- Charles Evans (Liverpool) – Charles Evans was registered as an amateur with Liverpool while also serving in the army. Everton had to pay a £21 discharge fee in order to sign him.
- Leigh Roose (Stoke) – Transfer completed around 19th November 1904.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Bill Henderson | Reading | May 1904 | Undisclosed |
| Charles O'Hagan | Tottenham Hotspur | May 1904 | Undisclosed |
| Dan Gordon | Southampton | May 1904 | Undisclosed |
| John Russell | West Ham United | May 1904 | Undisclosed |
| Tom Corrin | Reading | May 1904 | Undisclosed |
| Tom Simpson | Nelson | May 1904 | Undisclosed |
| David Murray | Released | 1 May 1904 | |
| Sam Wolstenholme | Blackburn Rovers | 12 May 1904 | £600 |
| Jack Whitley | Stoke | 31 August 1904 | £325 |
| Jimmy Sheridan | Stoke | 30 September 1904 | £250 |
| Ellis Green | Oldham County | December 1904 | Undisclosed |
| Bert Sharp | Southport Central | 13 January 1905 | Undisclosed |
| Total (initial fees only): | £1,175 | ||
- David Murray (Released) – Eventually joined Liverpool on 7th May 1904.
- Bert Sharp (Southport Central) – Transfer-listed at the end of the 1901/02 season.
| Income | £1,175 |
| Expenditure | £656 |
| Net Spend | -£519 |