Capello, 67, took over from Dick Advocaat in July 2012 and successfully guided Russia to qualification for the 2014 World Cup, losing just two games as the nation topped UEFA's Group F ahead of Portugal.
And the Italian has been rewarded for his success with an extension until the end of the 2018 tournament, which Russia will host.
"I am grateful to the president of the RFU (Russian Football Union) and to the Russian minister of sport (Vitaly Mutko) for their confidence in me," Capello said in a statement on the RFU's official website.
"I am very pleased to continue working with Russia. We have big plans and I will do everything I can to ensure the Russian fans are happy."
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