The deal had been held up by a number of formalities, but the 18-year-old midfielder has now signed a five-year deal with die Knappen.
Goretzka had also caught the attention of Borussia Dortmund, but he felt that Schalke were the better option for him.
"I was determined to take the next step in my career and I want to continue developing on a high level," he told the club's official website.
"With this objective in mind, I see Schalke as the right address for me. The conditions are perfect here. The standard in training is higher than at Bochum.
"Schalke are a big club that are always in contention at the top and represented in Europe."
Meanwhile, general manager Horst Heldt was unsurprisingly relieved that the deal had finally gone through.
"We're absolutely delighted that in Leon Goretzka another colossal talent has made a conscious decision in favour of Schalke," he enthused.
"Leon is one of the most talented players in Germany and has huge potential. He was on the wanted list of lots of clubs but he sees the biggest opportunity to develop as a player here with us."
Goretzka, who has represented his country at Under-19 level, already featured for his new side in their pre-season friendly against Villingen last Thursday, notching a debut goal with a curling free-kick as Schalke romped to a 5-0 victory.
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