The 26-year-old center is in the final season of a six-year contract he signed Jan. 26, 2016, and could have become an unrestricted free agent after the season.
"I'm really happy to stay here a long time," Barkov said. "Now the work starts again.
"I'm really happy that we got it out of the way. Coming into this season, seeing what's happening here, I was just really happy to be back with the team. I had great people handling this whole thing for me, so I didn't have to worry about it as much."
Barkov led the Panthers with 26 goals in 50 games last season, and was second with 58 points, behind Jonathan Huberdeau (61). He scored seven points (one goal, six assists) in seven Stanley Cup Playoff games.
Barkov, who is entering his fourth season as Panthers captain, was voted the winner of the Selke Trophy as the top defensive forward in the NHL last season, and was voted the winner of the Lady Byng Trophy for sportsmanship and gentlemanly conduct in 2018-19.
"He's the cornerstone we build around, 100 percent, from a culture perspective, from a leadership perspective," general manager Bill Zito said. "I think you're going to find in short order if] you talk to the teammates, you'll see it resonate both in the words they use and the tone and the manner in which they use [them
for the 2022 Beijing Olympics on Thursday, helped them win the bronze medal at the 2014 Sochi Olympics.