The 31-year-old's deal had been due to expire at the end of the season, but he has now ended speculation by extending his stay at the Emirates.
The Arsenal captain scored in their opening-day 3-0 win over Fulham on Saturday, with first-team manager Mikel Arteta hinting after the match a new contract was close.
"Signing for this special club was never in doubt," Aubameyang said. "It's thanks to our fans, my team-mates, my family and everybody at this club that I feel like I belong here.
"I believe in Arsenal. We can achieve big things together. We have something exciting here and I believe the best is to come for Arsenal."
Arteta added: "It was important for Pierre-Emerick to stay with us. He's a superb player with an incredible mentality. Being the player to have taken the least amount of time to reach 50 goals with this club tells you everything you need to know about him and his way of working.
"He's an important leader for the team and a big part of what we're building. He wants to be up there with the best players in the world and leave his mark. He can achieve that here."
Aubameyang scored 22 goals in the Premier League last season and netted twice in Arsenal's 2-1 win over Chelsea in the FA Cup final to secure their place in the Europa League.
The Gabon forward also scored - and converted the winning spot-kick in a penalty shootout - as Arsenal beat Liverpool to win the Community Shield.
Since his move to Arsenal from Borussia Dortmund in January 2018, he has scored 55 goals in 86 Premier League games.
Technical director Edu said: "It's clear Auba loves the club and everything we stand for on and off the pitch. He's obviously a very important part of the team so we're all delighted he has committed his future to us. It's a big boost for everyone - fans, team-mates and staff."
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