The Odemwingie,33, will stay at the English Premier League side until the summer of 2016, with the option of a further 12 months.
"I'm delighted to stay here," Odemwingie told BBC Sport.
"I've enjoyed great support from everyone connected to the club and I am honoured to be given another opportunity to continue here."
A severe knee injury kept Odemwingie out of play for 8 months last season and he only returned for the last five games of the season.
The winger says he is eager to show the club - and the fans - how grateful he is for their help during a tough year.
"The fans make me feel at home and I would like to thank the fans who have continually supported me," he said.
"Everyone at the club stood by me during my tough period and I have a big chance to repay them in a positive way.
"Right now I've earned the contract and hopefully there could be a few more years after this because I love it here.
"This club is on the way up and it is a great time to contribute to the progress."
Odemwingie has scored five goals in 23 appearances for Stoke after signing in January 2014 from Cardiff City in a swap deal which took Kenwyne Jones the other way.
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