The deal ends the speculation over Hamilton’s F1 future amid rumours Ferrari were considering a swoop for his services.
The seven-time world champion, 38, sits fourth in the 2023 standings ahead of this weekend’s Italian Grand Prix and has vowed to bring Mercedes back to the top of the sport after committing his future.
“We have never been hungrier to win,” Hamilton declared. “We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again. I’m grateful to the team who have supported me both on and off the track.
“Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.”
Fellow Brit Russell, 25, has also signed on for the two seasons after this one. His deal comes amid a more difficult year with the Brackley team that has featured only one podium finish, leaving his 57 points and three places back from Hamilton.
“We have made some significant steps over the last 18 months and are only getting stronger as a team,” he said.
“I’m excited to help continue to build on that momentum as we progress into 2024 and 2025 as we continue to focus on returning to the very front of the pack.”
Team principial Toto Wolff has described the decision to renew both drivers’ contracts as “straightforward”.