Calvert-Lewin has been an instrumental figure since Carlo Ancelotti replaced Marco Silva in December last year, helping Everton move away from the relegation places to vie for a place in Europe.
The 22-year-old Englishman is Everton’s top scorer this season with 15 goals in 31 appearances across all competitions.
Calvert-Lewin joined the Toffees from Sheffield United in August 2016 but this has been his breakthrough season and calls for a first senior international call-up has intensified in recent weeks following injuries to Harry Kane and Marcus Rashford.
"This is a very proud day. It has been enjoyable for me since the start at Everton and I am enjoying every day coming into training and every minute on the football pitch," Calvert-Lewin told evertontv.
"The turnaround we have had since December is fantastic and the belief in ourselves we are back up there and can compete with the best is well and truly there."
"With a man like Carlo leading the ship it makes it easier for us to believe in the process. We want to be in Europe and competing in the top competitions," added Calvert-Lewin.
"It would mean that bit more to win trophies here because of the journey I have been on with Everton and Evertonians.
"It feels personal and that is how I like it. Personally, I want to get to that next level. I like to think I have shown I am ready to live up to the expectations of being Everton's number nine.
"But I am well aware of how much I need to improve and how much better I can do."
Calvert-Lewin is the second Everton player to commit his long-term future to the club this week after defender Mason Holgate also signed a new five-year deal.
Everton travel to Chelsea in the Premier League on Sunday.
