The 31-year-old, made vice-captain at the start of the current season, said he considered Chelsea to be his home after eight years with the West Londoners.
"There is no other place I would rather play football," he told the club website.
"I have enjoyed so much success since moving to the club and I am determined to help the team achieve more in the last months of this season and next year as well."
The Serbian international has won every major club honour at Chelsea, including the Champions League and two Premier League titles, since his debut in 2008. He has also scored 32 goals in 341 appearances.
Misfiring Chelsea are a lowly 14th in the league and travel to leaders Arsenal on Sunday, with Ivanovic facing a side that includes his former team mate Petr Cech in goal for the Gunners.
(Reporting by Alan Baldwin, editing by Ed Osmond)
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