Long, 18, has been with the Merseyside club since the age of five and signed his first professional contract at Goodison Park in July 2013.
An England Under-20 international who is known for his speed and composure in front of goal, Long will bolster Karl Robinson’s attacking options until, and including, 8th February.
Long will be available for the Dons’ Sky Bet League 1 fixtures with Shrewsbury Town, Bristol City, Crewe Alexandra, Preston North End, Carlisle United, Tranmere Rovers and Walsall. However, Long will not be eligible for The FA Cup with Budweiser Third Round replay against Wigan Athletic as he was not registered for the initial tie. He has, though, been given clearance to play in the Fourth Round, should the Dons make it through.
Speaking to mkdons.com, Dons boss Robinson said: “I’ve known Chris since he was seven and he’s somebody who has always been high on our list of potential targets. He’s only young at 18 years of age but he’s talented, he’s quick and I know he’s somebody who The FA speak very highly of.
“We’re thankful to Roberto Martinez and Alan Stubbs at Everton for allowing us this opportunity to work with and develop Chris and hopefully we can do that for them.”
Born in Huyton, Long progressed through the Everton youth ranks before being offered his first professional deal last July after being named Academy Player of the Season for 2012/13.
This year the speedy forward, who has yet to make a first team appearance for Everton, has scored five goals in 11 Under-21s Premier League matches, including a brace in a 3-2 defeat to Wolverhampton Wanderers in December.
The youngster has also represented England at every youth level from Under-15s through to Under-20s. Long featured for the Three Lions in last summer’s FIFA Under-20 World Cup in Turkey, where he made two appearances.