The speedy 24-year-old, who spent last season on loan at Eintracht Braunschweig, has been with Leverkusen since 2011 but only this year earned a starting spot, playing in all 21 league game, scoring nine goals and setting up two more.
"I have developed immensely, especially in this current season under coach Roger Schmidt," Bellarabi said in a club statement.
"Under his guidance and the system I have become a much better player."
His fine performances also earned him a Germany call-up and he won his first cap in October against Poland.
Leverkusen, sixth in the league, host Atletico Madrid in the Champions League round of 16 first leg next week.
(Reporting by Karolos Grohmann, editing by Ed Osmond)
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