The highly-rated 19-year-old scored 18 goals for Barcelona B last season and made a number of substitute appearances for the first team.
New Toffees boss Roberto Martinez described the player as a "diamond" of Spanish football and there is no wonder considering the calibre of player he works alongside every week.
"Obviously training at Barcelona is a fantastic experience," said the teenager, who will spend a full season at Goodison Park.
"You train alongside players like Lionel Messi and Andres Iniesta, who are clearly some of the best players in the world. You obviously learn from them and it is a very nice experience.
"I'm an attacking player and I can play wide. I'm quite quick, quite decent at one-on-one situations and I'm looking forward very much to helping the team.
"I am very keen to get started and am delighted to be at such a big and historic club. I follow the Premier League quite a lot. It is one of the best, if not the best league, in the world."