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Lookman, 21, was on loan to the Bundesliga for the second half of the 2017/18 campaign, scoring five goals and four badists in 11 league games, but returned to Goodison Park last season.
The England Under-21 international left Charlton to join Everton in 2017, scoring four goals in 48 games for the club.
He played 24 times in all competitions for manager Marco Silva last season, starting six games and scoring once.
"I am very happy to be back here and I would like to continue where I stopped in the second half of 2018 for RB Leipzig," said Lookman at the club's website.
"Of course, I am as eager to see my teammates again and would like to help the team continue to celebrate great success."
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