Left-back, Stevenson, 27, made his first team debut in September 2005 and has gone on to make over 250 appearances scoring five goals for the Easter Road side.
He said: “It’s mad how quickly the past 10 years have gone by – there have been some highs and also a few lows.
“But my aim is to be part of bringing the good times here again and that starts by winning promotion next season.
“When I made my debut for Hibs, I never thought that I would still be playing for the club 10 years later.
“It’s an achievement to be at such a big club like Hibs for so long and hopefully I’ll be here for many more years to come.”
Head coach Alan Stubbs said: “The deal is a reward for the season he’s just had; I believe he’s been a very influential player on the team.
“He’s been reliable and dependable and we’re really pleased that he has pledged his future to the football club. He’s been a pleasure to work with; he’s a great pro, who gets on with his job.
“He doesn’t say an awful lot, but the lads all love him and that speaks volumes about his character and he always plays consistently well for the team.
“The plan is to ensure we have everything properly in place for the start of the new season so we can hit the ground running and progress.”