The 33-year-old full-back, now in his 18th season in a green and white jersey, is the longest serving player at Easter Road, and has made 519 appearances since making his debut as a 17-year-old in September 2005.
His new deal comes a day after friend and captain Paul Hanlon also put pen to paper, extending his contract to the summer of 2024.
The pair have now clocked up an incredible 1,000 combined appearance for the club and are marking the moment tonight with a Q&A event for fans at Easter Road.
Stevenson said: “I think everyone knows how much this club means to me, so it was a no-brainer to extend my contract by another year.
“I never imagined I’d make this many appearances for Hibs, but I’m now at the stage where I’m looking at the quality of my performances rather than the quantity.
“I still feel really good, as good as I ever have, and for the games I do play, I want to do my best.
“I would love to play my whole career at Hibs, and I still think I’ve got a lot to give on and off the pitch. I want to continue having success at this football club.”
Ross has worked with Stevenson for two years and has regards him as a model professional.
The head coach said: “Making over 500 appearances for a football club is almost unheard of in the modern game, but that’s testament to Lewis’ hard-work, attitude, and desire.
“For any young player coming through, Lewis is the perfect role model. The way he has performed for this football club on a consistent basis is outstanding and a real testament to his passion to achieve for Hibernian.
“His fitness levels, love for the game, and drive to help this team have never wavered and he’s a real delight to work with.”
Hanlon and Stevenson, who head up the Hanlon Stevenson Foundation charity founded in 2019, have been featuring for Hibs since 2007/08 and 2005/06 respectively.
The duo have featured in every single season since they made their first-team debuts for the Capital club.
Both players started in the historic Scottish Cup win against Rangers in 2016 while Stevenson picked up the man of the match award in 2007 when Hibs won the League Cup with a 5-1 victory over Kilmarnock.
The Fifer is, to date, the only Hibs player in history to have won both domestic trophies while at the club.
The defensive pair also played a significant role in Hibs winning the Scottish Championship title to return to the Scottish Premiership during the 2017/18 season with Hanlon playing 40 times in all competitions and Stevenson managing 43 outings.
Even with the emergence of promising left-back Josh Doig, Stevenson still managed 28 appearances last year and has featured in eight matches far this campaign.
Only three players have made more appearances for the club than Stevenson – Pat Stanton (617), Arthur Duncan (626) and Gordon Smith (636).