Draisaitl had 105 points (38 goals, 67 assists) in 64 regular-season games for the Western Hockey League's Prince Albert Raiders last season. He also had a goal and two assists on four playoff games.
The 6-foot-1, 209-pound center from Cologne, Germany, has represented his country several times, most recently at the 2014 world championships, where he had four points (one goal, three assists) in seven games.
He joins a young Oilers team that includes recent No. 1 overall picks Taylor Hall, Ryan Nugent-Hopkins and Nail Yakupov.