The 22-year-old, who made his test debut against Wales during this year's Steinlager Series, said it had been an easy decision to re-commit to New Zealand Rugby and the Hurricanes.
"I'm loving my rugby right now at all levels of the game and I'm excited about the future with both the Hurricanes and, if I'm good enough to be selected again, the All Blacks.
"Wellington is my home and I feel very lucky to have the opportunity to continue my career close to family and friends."
Savea, who made his Hurricanes debut in 2013, said the environment at the club had been a big part of his development and he was looking forward to continuing to improve over the next two seasons.
"After breaking into the starting team last year, I want to push on and hopefully I can help the team reach higher honours."
