The highly-rated academy graduate made his first-team debut in the Toffees' opening game of the season against QPR. He turned 18 a fortnight ago and that made him eligible to sign a lengthy deal to stay at Goodison.
"We are pleased but obviously not at all surprised that Ross has agreed his first long-term contract with the club," said chairman Bill Kenwright.
"Ross has recently talked of his commitment to Everton and his growth under the very special guidance of David Moyes, his staff and indeed our senior players.
"That combination of expertise can only be of benefit to any young footballer."
Speaking in this month's Evertonian magazine Barkley, who would have made his first-team debut earlier had he not sustained an horrific leg break playing for England Under-19s last season, said he felt manager David Moyes was the ideal person to get the best out of him.
"I am still only very young and the manager knows what he's doing and what's best for me," he said.
"He's had young players coming through before.
"That's what's great about Everton. The manager will always give young players the chance to play at the right time."
Source: PA
Source: PA