Beattie left the field after just 20 minutes of the opening Premiership game against Manchester United on Saturday, and further scans revealed the extent of the injury.
Everton physio Mick Rathbone told the club's website: "James has badly sprained his toe joint. We anticipate it could be some weeks before he is fit to play again."
This will surely put more pressure on Everton to invest in a striker before the end of the transfer window.