The Slovenian goalkeeper, who arrived in the Spanish capital from Benfica in 2014, has become a key player since the departure of Thibaut Courtois to Chelsea.
He has since forged a reputation as one of the best goalkeeper's in world football and despite repeated speculation about his future, he has signalled his intention to stay at the Wanda Metropolitano by agreeing terms on a contract that lasts until 2023.
"Jan Oblak has signed a contract extension with Atletico Madrid until June 30, 2023," a club statement read.
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"The goalkeeper has already signed his new contract for the following four seasons."
Oblak added: "I'm very happy to have signed a contract extension and to be here. I'm going to defend these colours to the best of my abilities and continue working hard."
Atletico Madrid's next fixture is a trip to Eibar on Saturday.