The 31-year-old Nigerian, who has spent the last two seasons on loan at the Turkish club, has singed a three-year deal.
Yobo told the Toffees' official website: "I would love to thank Everton and the management of Fenerbahce for reaching a deal. My family have settled well in Turkey and enjoy the life there, so I'm glad they will be re-uniting with friends here.
"The permanent switch is done and I am also switching to help the team do well on the pitch. It's been a long journey into achieving this dream and now is the time to pay the club and fans back with a great performance."
Nigeria international Yobo joined Everton from French club Marseille, initially on loan, in July 2002 as manager David Moyes' first signing, making a permanent £3.5m switch the following summer.
He made more than 250 appearances for the club, the last of them in a 0-0 Premier League draw at Stoke City in May 2010.
His contract at Goodison Park was due to run until the summer of 2014.
The deal follows Fener's signing of winger Milos Krasic from Juventus last week.
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