The Nigeria forward moved to the Britannia Stadium from Cardiff City in January 2014 as part of a deal that saw Kenwyne Jones head in the opposite direction and Odemwingie endeared himself to supporters with six goals in 15 Premier League appearances in the same season.
Odemwingie, 33, missed the majority of last term with a serious knee injury, but returned to action in April in a 1-1 draw against Sunderland.
The former West Brom striker has subsequently been rewarded with a new contract that includes an option for a further 12 months.
"We're delighted to announce that Peter has extended his stay with us at the club until the summer of 2016," said Stoke chief executive Tony Scholes.
"He suffered an unfortunate injury last season after making a big impression immediately after joining the club.
"Peter has worked incredibly hard to battle back from this to regain full fitness. He's a popular figure, not just in the dressing room but with club staff and supporters, so we are thrilled to keep him on board this season."
Stoke have also confirmed that John Coates, son of chairman Peter, is to become the club's new vice-chairman
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