In
| Player | Team | Date | Fee |
|---|---|---|---|
| Slaven Bilic | West Ham United | 14 May 1997 | £4,500,000 |
| Mark Quayle | Free agent | July 1997 | Free |
| Dean Delaney | Cherry Orchard | 1 July 1997 | Free |
| Gareth Farrelly | Aston Villa | 2 July 1997 | £700,000 (+£200,000 add-ons) |
| John Oster | Grimsby Town | 14 July 1997 | £1,500,000 |
| Tony Thomas | Tranmere Rovers | 6 August 1997 | £400,000 (+£250,000 add-ons) |
| Danny Williamson | West Ham United | 14 August 1997 | Exchange + £1,000,000 |
| Mitch Ward | Sheffield United | 25 November 1997 | 1-game loan |
| Carl Tiler Mitch Ward | Sheffield United | 28 November 1997 | Exchange + £500,000 |
| Thomas Myhre | Viking | 28 November 1997 | £800,000 |
| Mickael Madar | Deportivo La Coruna | 30 December 1997 | Free |
| John O'Kane | Manchester United | 29 January 1998 | £250,000 (+£250,000 add-ons) |
| Don Hutchison | Sheffield United | 26 February 1998 | Exchange + £1,000,000 |
| John Spencer | Queens Park Rangers | 9 March 1998 | 1-month loan (extended to end of the season) |
| Matt McKay | Chester City | 26 March 1998 | £250,000 (+£500,000 add-ons) |
| Peter Beagrie | Bradford City | 26 March 1998 | Loan to end of the season |
| Total (initial fees only): | £10,900,000 | ||
- Mark Quayle (Free agent) – Rejoined Everton shortly after his release initially on a three-month contract to improve his fitness. His contract was then extended to the end of the season.
- Dean Delaney (Cherry Orchard) – Originally on trial. Deal agreed in February 1997.
- Gareth Farrelly (Aston Villa) – A tribunal on 23rd July 1997 ruled that Everton were to pay Aston Villa £700,000 plus £200,000 add-ons.
- Danny Williamson (West Ham United) – Everton and West Ham United agreed an exchange deal where Everton received Danny Williamson and West Ham United received David Unsworth and £1,000,000.
- Mitch Ward (Sheffield United) – Mitch Ward joined Everton on loan initally so that he would be available for their match against Chelsea the next day.
- Carl Tiler and Mitch Ward (Sheffield United) – Everton and Sheffield United agreed an exchange deal where Everton received Carl Tiler and Mitch Ward and Sheffield United received Graham Stuart and £500,000.
- Don Hutchison (Sheffield United) – Everton and Sheffield United agreed an exchange deal where Everton received Don Hutchison and Sheffield United received Jon O'Connor and £1,000,000.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Marc Hottiger | Lausanne | 12 June 1997 | £25,000 |
| Adam Denton | Released | 1 July 1997 | |
| Andrew West | Released | 1 July 1997 | |
| Chris Hardman | Released | 1 July 1997 | |
| Daniel Gabrielson | Released | 1 July 1997 | |
| Eddie Hussin | Released | 1 July 1997 | |
| Mark Quayle | Notts County | 1 July 1997 | Free |
| Paul Davies | Released | 1 July 1997 | |
| Richard Moore | Released | 1 July 1997 | |
| Richie Townsend | Released | 1 July 1997 | |
| Robbie Tynan | Released | 1 July 1997 | |
| David Unsworth | West Ham United | 14 August 1997 | Exchange |
| John Hills | Swansea City | 22 August 1997 | 1-month loan |
| Graham Stuart | Sheffield United | 28 November 1997 | Exchange |
| Neville Southall | Southend United | 24 December 1997 | 1-month loan (extended to 2 months) |
| Earl Barrett | Sheffield United | 14 January 1998 | 1-month loan (extended to 2 months) [recalled] |
| John Hills | Blackpool | 16 January 1998 | 1-month loan |
| Andy Hinchcliffe | Sheffield Wednesday | 30 January 1998 | £2,750,000 |
| Gary Speed | Newcastle United | 6 February 1998 | £6,000,000 |
| John Hills | Blackpool | 10 February 1998 | £60,000 |
| Earl Barrett | Sheffield Wednesday | 24 February 1998 | Free |
| Jon O'Connor | Sheffield United | 26 February 1998 | Exchange |
| Neville Southall | Stoke City | 27 February 1998 | 1-month loan |
| Claus Thomsen | AB | 5 March 1998 | £500,000 |
| Neville Southall | Stoke City | 12 March 1998 | Free |
| Total (initial fees only): | £9,335,000 | ||
- Adam Denton (Released) – Eventually moved to America to attend Wingate University in North Carolina in 1997 and played for the university's men's football team.
- Chris Hardman (Released) – Eventually joined Runcorn ahead of the 1997/98 season.
- Daniel Gabrielson (Released) – Eventually joined Wigan Athletic ahead of the 1997/98 season.
- Eddie Hussin (Released) – Eventually joined Cwmbran Town ahead of the 1997/98 season.
- Mark Quayle (Notts County) – Deal agreed in June 1998.
- Richard Moore (Released) – Eventually joined Gateshead during the 1997/98 season.
- Richie Townsend (Released) – Eventually joined Cwmbran Town ahead of the 1997/98 season.
- Robbie Tynan (Released) – Eventually joined Cammell Laird ahead of the 1997/98 season.
- David Unsworth (West Ham United) – Everton and West Ham United agreed an exchange deal where Everton received Danny Williamson and West Ham United received David Unsworth and £1,000,000.
- Graham Stuart (Sheffield United) – Everton and Sheffield United agreed an exchange deal where Everton received Carl Tiler and Mitch Ward and Sheffield United received Graham Stuart and £500,000.
- Earl Barrett (Sheffield United) – Everton recalled Earl Barrett after Sheffield Wednesday offered a free transfer for him.
- Jon O'Connor (Sheffield United) – Everton and Sheffield United agreed an exchange deal where Everton received Don Hutchison and Sheffield United received Jon O'Connor and £1,000,000.
| Income | £9,335,000 |
| Expenditure | £10,900,000 |
| Net Spend | +£1,565,000 |