The 21-year-old Serbia global has agreed a six-year deal with Zinedine Zidane's side.
Jovic has shown his ambipedal nature, scoring 15 right-footed goals and eight with his left foot - in addition to four headers.
It was reported last month that the Spanish giants had agreed a deal with the Premier League club to sign Hazard after last Wednesday's Europa League final for €100 million.
Luka Jovic is now a Real Madrid player. "The player will be tied to the club for the next six seasons, until 30 June 2025".
It is suggested that they have parted with around €70 million (£62m/$79m) in order to bring in Jovic.
The Serbian only joined the club last summer from Benfica, initially on loan, before the move was made permanent in April.
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Jovic is likely to significantly enhance their goal threat next season and Frankfurt sporting director Fredi Bobic admits he will be missed in Germany. "His explosiveness and capacity to score goals propelled us into Europe and we have benefited from more than just his goals in the past two years".
"But for us it was clear that there is a financial pain threshold".
"For Eintracht Frankfurt this is a good and important transfer". We wish Luka all the best in the future.
"He has the best qualifications for a great career. We are proud to have helped him on his way", he said.
He will be hoping to hit the ground running in La Liga, with Zidane's side in need of inspiration from somewhere as they seek to get back on the trophy trail in 2019-20.
It could also see a return for Real Madrid to a two-man strike force with Jovic alongside Benzema, a formation often used by Zinedine Zidane to previously accommodate Ronaldo.
Chelsea star Eden Hazard remains top of his list of priorities, with a £100m deal expected to be completed in the coming weeks.