The 20-year-old is accused of placing 61 separate bets on football games between November 20th, 2024, and February 12th, 2026.
Sherif has been informed he has until Monday August 17th to respond to the charges put forward by the FA.
"Martin Sherif of Everton has been charged with breaching FA betting rules," read an FA statement.
"It's alleged the player breached FA Rule E1.2 in respect of 61 bets placed on football matches between November 2024 and February 2026. Martin Sherif has until August 17th to provide a response."
The Liberia-born attacker joined Everton's academy in 2019 and was moved into first team training in early 2025.
Sherif joined EFL League One side Rotherham United on loan last summer, scoring twice in 10 games, but was recalled in December after suffering an injury.
He then joined Port Vale on loan in February, for the remainder of the 2025/26 campaign, scoring twice in 17 League One appearances as they suffered relegation.