Hull's website said the 28-year-old had signed a three-and-a-half-year contract and could make his debut away to Norwich City this weekend.
The former Hajduk Split, Rapid Vienna and Rangers player made an instant impact at Everton when he joined the Merseyside club two years ago but has found opportunities limited this season at Goodison Park.
"As soon as the manager called me, I realised straight away that he was really interested in signing me and that it is a great opportunity for me to come here," Jelavic, who netted 21 times for Everton, told Hull's website (www.hullcitytigers.com).
"It is a good club, and we have a good squad. We talked a little bit, but it didn't take long to realise that it was right for me."
Regular first-team opportunities with Hull will boost Jelavic's hopes of being part of Croatia's World Cup squad and add some bite to Hull as they battle to stay away from the Premier League relegation zone.
(Reporting by Martyn Herman; editing by Toby Davis)
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