The teenager, who has reportedly attracted the interest of Andre Villas-Boas this season, has signed a new deal with the club to keep him at Goodison Park until 2016
The 18-year-old has impressed since making his Toffees debut earlier this season, featuring seven times in all competitions for David Moyes' side.
Club chairman Bill Kenwright is delighted to have secured the long-term future of Barkley, who had been linked with a £20 million move to Chelsea in January, at Everton.
He told the club's official website: "We are pleased but obviously not at all surprised that Ross has agreed his first long-term contract with the club.
"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."