Known for his all-round offensive ability and athleticism, Fultz starred in his lone year at the University of Washington, averaging 23 points per game, along with more than five rebounds and five assists.
French point guard Frank Ntilikina went to the Knicks with the eighth choice before Dallas landed North Carolina State guard Dennis Smith at No. 9. That's two first-overall picks and two third-overall picks from the past four NBA Drafts.
The Celtics used the third pick to take Duke forward Jayson Tatum, who averaged 16.8 points and 7.3 rebounds in his only season of college ball.
"It is a great opportunity", Fultz said. "It was something out of a dream".
He joins a young squad that features Australian forward Ben Simmons, another top draft pick who missed all of last season with a foot injury; Jahlil Okafor and 2017 National Basketball Association rookie of the year finalists Joel Embiid and Dario Saric.More news: Iran warns missile attack on IS in Syria can be repeated
Los Angeles, under new basketball operations chief Earvin "Magic" Johnson, paved the way for a return to their "Showtime" flair by trading young point guard D'Angelo Russell and taking dazzling backcourtman Lonzo Ball of UCLA with the second pick.
Philadelphia 76ers 2017 draft picks (left to right), Anzejs Pasecniks, Markelle Fultz, Jonah Bolden, and Mathias Lessort pose after their introductory press conference at Philadelphia 76ers Training Complex.
"It's insane, I couldn't ask for anything more, to be able to learn from (Johnson) every day is truly a blessing", Ball said.
The Philadelphia 76ers continue to be among the league's worst teams, finishing 27th overall last season with a 28-54 record. They nabbed another shooting guard with the 46th overall pick, selecting Sterling Brown out of SMU.
"Speed kills and you can't teach it", said Fox. The Bulls are sending three-time All-Star Jimmy Butler and the 16th overall pick to Minnesota for Zach LaVine, Kris Dunn and the No. 7 overall pick. Kelsey Plum, the NCAA's all-time leading scorer at Washington, was the first pick of the WNBA draft by the San Antonio Stars in April.