The 27-year-old Dutch-born defender, whose contract had expired at the Saints, becomes the club's latest recruit on a three-year deal that reunites him with his former manager Ronald Koeman.
"Everton is a big club with big ambitions and I'm really looking forward to joining this group of players and the manager as we try to step forward next season," the Curacao national team captain told evertonfc.com.
"Obviously, I know the manager from my time at Southampton, so I know what he wants and he knows what I can do."
Koeman said he was attracted by Martina's versatility.
"Cuco Martina is an experienced player who can perform in different positions at the back, which is important," Koeman said.
Everton have been particularly active in the close season transfer window, with their major signings including Michael Keane, Davy Klaassen, Henry Onyekuru, Jordan Pickford, Sandro Ramirez and Wayne Rooney.
They have balanced their budget by selling striker Romelu Lukaku to Manchester United for 75 million pounds and letting four other players move on.
(Reporting by Neil Robinson; Editing by Christian Radnedge)
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