Iwobi started his career at Arsenal, where he made 149 appearances and scored 15 goals, winning the FA Cup in 2017 and scoring in the 2019 UEFA Europa League Final. He joined Everton in August 2019 for a price of £28 million.

Everton signed Iwobi to a five-year contract on August 8, 2019.He made his debut as a substitute for the final half-hour of a 2-0 loss at Aston Villa just fifteen days after signing.

He scored his first goal for Everton in a 4-2 win over Lincoln City in the second round of the EFL Cup on August 28.  He scored his first league goal on September 1 in a 3-2 win over Wolverhampton Wanderers.