The Nigeria international joined the Premier League club in January 2012 from Standard Liege's youth academy and has spent time on loan at ADO Den Haag and Middlesbrough.
Though yet to make his Chelsea bow, Omeruo has 14 international caps to his name and was a vital part of Nigeria's Africa Cup of Nations triumph last year.
And the 20-year-old centre-back, who is set to represent his country at the upcoming FIFA World Cup in Brazil, is hopeful of finally making an impression at Stamford Bridge next season.
He told the club's official website: "I'm thrilled to sign a new contract with Chelsea and am really excited about the future.
"To play at such a fantastic club is a real honour for me and I'll be working incredibly hard to be successful.
"I've thoroughly enjoyed my time in England so far and can't wait to get going."
