The new deal – estimated to be worth £150m over five-years - stretches the existing agreement through to 2010.
ITV has carried exclusive live UK coverage of the Formula One world championship since 1997.
Said Graham Duff, managing director of ITV sales: “F1 is a very valuable property to an increasingly broad range of advertisers who will appreciate our long-term commitment to the sport."
UK commercial network ITV has extended its TV deal to keep Formula 1 on its schedules.
