The purpose of this paper is to construct and study equivariant Khovanov homology - a version of Khovanov homology theory for periodic links. Since our construction works regardless of the characteristic of the coefficient ring it generalizes a previous construction by Chbili. We establish invariance under equivariant isotopies of links and study algebraic properties of integral and rational version of the homology theory. Moreover, we construct a skein spectral sequence converging to equivariant Khovanov homology and use this spectral sequence to compute, as an example, equivariant Khovanov homology of torus links T(n,2).