The 26-year-old joined Werder in 2012, but saw his first season at the club wrecked by a serious knee injury, preventing him from appearing for the first team the whole campaign.
After returning to fitness and usurping Sebastian Mielitz in goal last term, Wolf went on to keep six clean sheets in 21 Bundesliga outings, as Robin Dutt's side finished a disappointing 12th in the league table.
Sporting director Thomas Eichin hailed the goalkeeper's "great development" after tying him down for another two seasons and, having established himself as number one, Wolf is positive for the future.
"I am really happy that I was able to extend my contract today and will get to play here for the next few years," he told the club's official website.
"I think I have done very well so far and have been able to help the team.
"I am honoured to be number one at a club like Werder."
Wolf's signing comes after Werder strengthened their squad ahead of the new season with the capture of Bosnia-Herzegovina international Izet Hajrovic.
