Это очевидно.

In present-tense Russian, the verb to be is usually omitted. So Это очевидно literally looks like This obvious, but it means This is obvious or It is obvious.

Russian does use быть in other tenses:

• Это было очевидно = It was obvious
• Это будет очевидно = It will be obvious

So the missing is is completely normal here.

Это can mean this, that, or it, depending on context. In Это очевидно, it usually refers to some fact, situation, or statement already understood from context.

So in English, the best translation could be:

• This is obvious
• That is obvious
• It is obvious

Grammatically, это is the subject of the sentence here.

Because очевидно is the form Russian uses when saying something like is obvious as the main predicate of the sentence.

Compare:

• Это очевидно = This is obvious
• очевидный факт = an obvious fact

In очевидный факт, очевидный directly describes the noun факт.
In Это очевидно, there is no noun after it, so Russian uses очевидно.

Here it is functioning as a predicative form, meaning obvious in the sense of is obvious.

But the same word очевидно can also be used more like obviously:

• Это очевидно = It is obvious
• Очевидно, он прав = Obviously, he is right

So the form is the same, but the job it does in the sentence is different.

There is no comma because очевидно is the main predicate here: It is obvious.

A comma appears when очевидно means obviously as a parenthetical word:

• Это очевидно = It is obvious
• Очевидно, он забыл = Obviously, he forgot

So the comma changes the role of очевидно.

Это очевидно is the most neutral and natural order.

Russian word order is flexible, but changing it changes emphasis.
For example, Очевидно это is possible only in special contexts and sounds marked or contrastive.

Also be careful with:

• Очевидно, это... = Obviously, this...

That is a different structure from Это очевидно.

The stress is:

Э́то очеви́дно

A rough pronunciation guide:

• Э́то ≈ EH-tuh
• очеви́дно ≈ uh-chi-VEED-nuh

Two useful things to notice:

• The stress in очевидно falls on ви
• Unstressed о is not pronounced like a strong English o; it becomes weaker, closer to uh

Yes. With regular nouns, Russian often uses short-form adjective endings that match the noun:

• Факт очевиден = The fact is obvious
• Причина очевидна = The reason is obvious
• Решение очевидно = The decision is obvious
• Факты очевидны = The facts are obvious

With это, очевидно is the normal form.

Yes. It is completely natural and neutral. It can be used in both everyday speech and more formal language.

Depending on nuance, Russian speakers might also say:

• Это ясно = This is clear
• Это понятно = This is clear / understandable
• Это явно = This is clearly the case

But Это очевидно is a very standard way to say that something is obvious.