The club is to open the government-funded Everton in the Community Free School in September next year.
It will be run by the club's charity and provide education and sports tuition for 120 14 to 19-year-old students.
The club's chief executive Robert Elstone told the BBC: "We have played a huge part in the Liverpool and Merseyside community for over 100 years and this latest move demonstrates our desire to continue to make a difference where it counts."
David Moyes, the club's manager, said the school will give under-privileged kids the chance of a good education, saying: "It will, unquestionably, provide a real chance for some less-privileged, less-fortunate children to embrace and benefit from a high-quality education."
Wow, how much would your kids want to go to a school run by a footie club?
What do you think of 'free schools' generally?