England international Walcott, who has scored 76 goals in 302 appearances since joining Arsenal from Southampton in 2006, has signed a new four-year deal at the Emirates.
The 26-year-old had one year remaining on his previous contract but he ended the last campaign strongly, netting a hat-trick against West Bromwich Albion on the final day of the season before scoring in the FA Cup final win over Aston Villa.
Spanish international Cazorla, 30, joined from Malaga in 2012 and has made 148 appearances for Arsenal, scoring 27 goals.
"We're delighted to have extended the contracts of Santi and Theo. Both are top quality players who are hugely important and influential to our squad," manager Arsene Wenger told the club's website.
"As well as their huge contributions on the pitch, they both have a great deal of experience and are very popular off the pitch.
"We're very pleased with them both signing contract extensions, as it provides our squad with further stability of quality."
FA Cup holders Arsenal play Premier League champions Chelsea in the Community Shield at Wembley on Sunday.
(Reporting By Michael Hann; Editing by Amlan Chakraborty)
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