The Ivorian international netted a career-high nine league goals and made three assists to help Palace secure an 11th-place finish last season after a disastrous start.
Zaha, who had an unhappy season at Manchester United in 2013-14 before returning to Palace, had been linked with potential moves to Chelsea and Tottenham Hotspur during the transfer window but no deal materialised.
"Wilf grew up a stone's throw from Selhurst Park from the age of four, and has been with the club since he was 12," Palace chairman Steve Parish said in a statement.
"This agreement is yet another example of his lifelong commitment to the club, and our commitment to him. This is an amazing day for everyone here at Palace, our supporters and of course Wilf – and is richly deserved."
(Reporting by Hardik Vyas in Bengaluru; Editing by Keith Weir)
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