In exchange for West Australian talent Jackson, plus picks No.44 and No.67, the Dockers coughed up their first selection of this year - currently pick No.13 - plus their 2023 first and second round selections.
Pick No.44 came via GWS, which allowed Melbourne small forward Toby Bedford to seal his move to the Giants.
Meanwhile, the Crows sent pick No.5, a future third and future fourth-round selection to the Suns for South Australian forward Rankine, pick No.46 and a future fourth round selection.
Jackson, the No.3 pick in the 2019 draft, requested a long-expected trade home to Western Australia last month after 52 games for the Demons.
The 21-year-old had said he was open to joining either WA club but West Coast never really appeared in the picture.
"Luke has been our number one priority all year and obviously throughout the trade period," Fremantle head of player personnel David Walls said in a statement.
"He's got so much versatility and so much scope to improve as a player. We're really only scratching the surface with what he can do.
"He's only just turned 21, when you look at what he's doing with his relative age rating for a player in his position, he's off the charts.
"In his draft year, we had him rated at number one in the draft."
Jackson teamed up with skipper Max Gawn in Melbourne's 2021 breakthrough premiership, including turning the grand final on its head with a remarkable third-quarter burst in the ruck.
His fine second season in 2021 also delivered the AFL Rising Star award.
Melbourne are expected to quickly move on to securing Collingwood's two-time All-Australian Brodie Grundy as Jackson's replacement.
Meanwhile, Adelaide delighted in finally securing local talent Rankine, who requested a trade in August, on a three-year contract.
The 2018 pick No.3 kicked 57 goals in 48 games for the Suns, including a career-best 29 this year.
"Izak is a highly talented footballer with great foot speed, is dangerous around goal and has tremendous game sense," Crows list boss Justin Reid said in a statement.
Bedford, 22, played 18 games for Melbourne across four seasons, kicking nine goals, which all came in his 16 games this year.
The 22-year-old, whose trade was the first to go through on Monday, should replace now-Collingwood forward Bobby Hill in the Giants' attacking stocks.
Essendon landed Carlton on-baller Will Setterfield on Monday afternoon, sending the Blues a future fourth-round pick in exchange for the big-bodied midfielder and pick No.68.
Fringe Melbourne forward Sam Weideman is reportedly poised for a fresh start at Essendon under new coach Brad Scott, likely moving for a future third-round pick.
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