In
| Player | Team | Date | Fee |
|---|---|---|---|
| Howard Kendall | Blackburn Rovers | 8 May 1981 | Free |
| Alan Irvine | Queen's Park | 15 May 1981 | Free |
| Alan Biley | Derby County | 3 July 1981 | £300,000 |
| Neville Southall | Bury | 7 July 1981 | £150,000 |
| Mickey Thomas | Manchester United | 22 July 1981 | Exchange |
| Alan Ainscow | Birmingham City | 31 July 1981 | £250,000 |
| Mick Ferguson | Coventry City | 5 August 1981 | £280,000 |
| Mike Walsh | Bolton Wanderers | 5 August 1981 | Exchange + £90,000 |
| Jim Arnold | Blackburn Rovers | 10 August 1981 | £175,000 |
| Mark Kearney | Marine | 7 October 1981 | £10,000 |
| Adrian Heath | Stoke City | 7 January 1982 | £700,000 |
| Mark Leonard | Witton Albion | 24 February 1982 | £5,000 |
| Total (initial fees only): | £1,960,000 | ||
- Howard Kendall (Blackburn Rovers) – Howard Kendall joined Everton as a player-manager.
- Neville Southall (Bury) – Often said to have joined Everton on 13th July 1981 however that was Neville Southall's Football League registration date, not the date his move to Everton was completed.
- Mickey Thomas (Manchester United) – Everton and Manchester United agreed an exchange deal where Everton received Mickey Thomas and Manchester United received John Gidman.
- Mike Walsh (Bolton Wanderers) – Everton and Bolton Wanderers agreed an exchange deal where Everton received Mike Walsh and Bolton received Jim McDonagh and £90,000.
- Mark Leonard (Witton Albion) – Mark Leonard was due to join Everton the previous October but the deal was put on hold after Leonard was run over by a car and broke his leg.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Brian Quinn | Los Angeles Aztecs | 22 May 1981 | Free |
| George Telfer | Released | 1 July 1981 | |
| Mark Ward | Released | 1 July 1981 | |
| Ray Deakin | Released | 1 July 1981 | |
| Bob Latchford | Swansea City | 15 July 1981 | £125,000 |
| John Gidman | Manchester United | 22 July 1981 | Exchange + £50,000 |
| Gary Megson | Sheffield Wednesday | 28 July 1981 | £120,000 |
| Jim McDonagh | Bolton Wanderers | 5 August 1981 | Exchange |
| Imre Varadi | Newcastle United | 26 August 1981 | £125,000 |
| Garry Stanley | Swansea City | 28 September 1981 | £150,000 |
| Asa Hartford | Manchester City | 1 October 1981 | £350,000 |
| Gerry Mullan | Glentoran | 5 November 1981 | £30,000 |
| Mickey Thomas | Brighton & Hove Albion | 5 November 1981 | £400,000 |
| Martin Hodge | Preston North End | 13 December 1981 | 1-month loan (extended to end of the season) |
| Eamonn O'Keefe | Wigan Athletic | 26 January 1982 | £60,000 |
| Bobby Evans | Released | February 1982 | |
| Kevin Ash | Released | February 1982 | |
| Alan Biley | Stoke City | 25 March 1982 | 1-month loan (extended to end of the season) |
| John Barton | Derby County | 25 March 1982 | Free |
| Total (initial fees only): | £1,410,000 | ||
- George Telfer (Released) – Eventually joined San Diego Sockers in July 1981.
- Mark Ward (Released) – Eventually joined Northwich Victoria in August 1981.
- Ray Deakin (Released) – Eventually joined Port Vale ahead of the 1981/82 season.
- John Gidman (Manchester United) – Everton and Manchester United agreed an exchange deal where Everton received Mickey Thomas and Manchester United received John Gidman.
- Jim McDonagh (Bolton Wanderers) – Everton and Bolton Wanderers agreed an exchange deal where Everton received Mike Walsh and Bolton received Jim McDonagh and £90,000.
- Bobby Evans (Released) – Eventually joined Stourbridge in March 1982.
- Kevin Ash (Released) – Eventually joined Stourbridge in March 1982.
| Income | £1,410,000 |
| Expenditure | £1,960,000 |
| Net Spend | +£550,000 |