The Merseyside club were docked points with immediate effect last month after being found to have breached profitability and sustainability rules (PSR) relating to losses.
"Everton Football Club has today lodged with the Chair of the Premier League's Judicial Panel its appeal of the decision by a Premier League Commission to impose a 10-point deduction on the club," Everton said in a statement.
"An Appeal Board will now be appointed to hear the case."
Earlier this month, the Premier League said Everton admitted that they had breached profitability and sustainability rules during a hearing.
The resultant sanction was the biggest of its kind since the creation of the Premier League.
The deduction, which saw Everton drop from 14th in the standings into the relegation zone with four points, was labelled "wholly disproportionate and unjust" by the club.
Everton fans protested the deduction during last week's 3-0 loss to Manchester United, with thousands of supporters holding up bright pink signs at Goodison Park that read "Corrupt" under the Premier League's lion-head logo before the teams were introduced.
Last week, Everton fan group The 1878s flew a banner that read "Premier League = Corrupt" over the Etihad Stadium during Manchester City's 1-1 draw with Liverpool.
Everton travel to face Nottingham Forest on Saturday.
