In
| Player | Team | Date | Fee |
|---|---|---|---|
| Geoff Nulty | Newcastle United | 24 July 1978 | £50,000 |
| Mickey Walsh | Blackpool | 1 August 1978 | £325,000 |
| Colin Todd | Derby County | 15 September 1978 | £300,000 |
| John Barton | Worcester City | 1 December 1978 | £30,000 |
| Imre Varadi | Sheffield United | 26 February 1979 | £80,000 |
| Brian Kidd | Manchester City | 29 March 1979 | £150,000 |
| Peter Eastoe | Queens Park Rangers | 29 March 1979 | Exchange |
| Total (initial fees only): | £935,000 | ||
- Peter Eastoe (Queens Park Rangers) – Everton and Queens Park Rangers agreed an exchange deal where Everton received Peter Eastoe and Queens Park Rangers received Mickey Walsh.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Barry Wellings | York City | June 1978 | Free |
| Mike Coffey | Mansfield Town | June 1978 | Free |
| Billy Russell | Released | 1 July 1978 | |
| Ged Stenson | Released | 1 July 1978 | |
| Nigel Groome | Released | 1 July 1978 | |
| Tommy Wheeldon | Released | 1 July 1978 | |
| Drew Brand | Crewe Alexandra | July 1978 | Season-long loan [recalled] |
| Jim Pearson | Newcastle United | 14 August 1978 | £70,000 |
| Mick Buckley | Sunderland | 31 August 1978 | £80,000 |
| Duncan McKenzie | Chelsea | 6 September 1978 | £165,000 |
| Dave Lawson | Luton Town | 5 October 1978 | £15,000 |
| George Tulloch | Released | February 1979 | |
| Mark Hanson | Released | February 1979 | |
| Roger Kenyon | Vancouver Whitecaps | 18 February 1979 | £30,000 |
| Terry Darracott | Tulsa Roughnecks | 1 March 1979 | £15,000 |
| John Thomas | Tranmere Rovers | 28 March 1979 | Loan to end of the season |
| Mickey Walsh | Queens Park Rangers | 29 March 1979 | Exchange |
| Total (initial fees only): | £375,000 | ||
- Billy Russell (Released) – Eventually joined Celtic ahead of the 1978/79 season.
- Ged Stenson (Released) – Eventually joined Port Vale ahead of the 1978/79 season.
- Nigel Groome (Released) – Eventually joined Sydney club St George in 1979.
- Tommy Wheeldon (Released) – Eventually joined Southport ahead of the 1978/79 season.
- Drew Brand (Crewe Alexandra) – Transfer completed around 3rd July 1978. Everton recalled Drew Brand on 21st August 1978 after second-choice goalkeeper Dave Lawson refused to sign a new contract.
- George Tulloch (Released) – Released due to not being tall enough. Eventually joined Dundee United in April 1979.
- Mark Hanson (Released) – Released due to not being tall enough. Eventually joined Blackburn Rovers in April 1979 after a trial.
- Terry Darracott (Tulsa Roughnecks) – Deal agreed on 17th January 1979.
- Mickey Walsh (Queens Park Rangers) – Everton and Queens Park Rangers agreed an exchange deal where Everton received Peter Eastoe and Queens Park Rangers received Mickey Walsh.
| Income | £375,000 |
| Expenditure | £935,000 |
| Net Spend | +£560,000 |