Head coach Frank Lampard has enjoyed a productive transfer window, bringing in the likes of James Tarkowski, Ruben Vinagre and Dwight McNeil.
However, there has been a desire to bring in more experience and quality in central areas, something which was achieved with the addition of Wolverhampton Wanderers defender Conor Coady on Monday evening.
The Toffees have now backed up that signing by confirming that they have brought in Onana on a five-year contract, beating West Ham United in the process.
While a fee has not been revealed, transfer expert Fabrizio Romano says that Everton are paying Lille a fee of €36m (£30.44m) fee plus add-ons.
Speaking to the club's official website, the 20-year-old said: "It feels great to join Everton. I know it's a big, big club, one of the biggest in England. It's something I want to be part of for many years.
"Everyone here showed they really wanted me and they have a plan for me, so I really appreciated the talks I had with the manager and director of football [Kevin Thelwell]. They told me how they wanted me to play and I enjoyed it.
"They both have a lot of ambition and that's the type of guy I am so it matches. The manager was one of the big reasons. He played at the highest level, won many things and was a midfielder, too. It means a lot to have interest from him and I think he can teach me many things."
Onana departs Lille after just one season in French football, making a total of 13 starts and 27 substitute appearances in all competitions.
Lille are making a substantial profit on the Belgian, who they signed from Hamburg for just £6.3m almost a year ago to the day.
Onana was handed his international debut during the recent batch of UEFA Nations League fixtures, playing the second half as Belgium lost 4-1 to the Netherlands.
He will now come into contention for Saturday's Premier League fixture away at Aston Villa.