The Moroccan looked set to leave the R’s last summer following a prolific Championship campaign which saw him net 19 goals in 44 appearances.
The club fended off interest from Paris Saint-Germain and, despite a slow start to the season, Taarabt eventually began to show his previous form as Mark Hughes' men staved off the threat of relegation on the last day of the season.
His performances have seen him rewarded with a new three-year extension at Loftus Road.
“QPR talisman Adel Taarabt has signed a new long-term contract at Loftus Road,” a statement read on the club’s official website.
“The magical Moroccan - who will wear the number 10 shirt next season - has put pen to paper on a three-year extension, tying him to the club until the summer of 2016.”
The 23-year-old, who arrived from Tottenham Hotspur in 2010, was delighted with the deal, adding: "I am very pleased to have signed this new contract.
"When I first arrived here I honestly thought it would just be for a short period but I love this club and the people here have really helped me and I am very happy to be here.
"I had a tough start to the season last year, but I worked hard and I have really enjoyed it under Mark Hughes.
"The club is getting bigger and bigger, and with a new training ground and talk of a new stadium it is very exciting.
"In the time I have been here QPR's ambition has changed. Last year the aim was to stay in the Premier League. We achieved this and now we want to progress and improve. Nobody is speaking about what we can achieve but we really want to move up the Premier League table."
Manager Hughes added: "It is important that we keep good, young players at QPR because that is going to drive what we want to do and Adel is a big part of that.
"There is no question he can produce moments of skill that not many players can.
"And you need those game-changing players who can do something unexpected because that can be the difference between winning and losing in tight games.
"Adel had a period here where it was a little bit difficult for him and the club, but he came through that. When I came to the club, in my eyes it was a clean slate for him and he had a real opportunity to be part of what we are doing."
He continued: "I have seen a real effort from Adel and the quality of his work last year was good, both in an attacking sense and defensively. He has embraced what we are trying to do.
"He is undoubtedly a talented boy but he understands he has got other aspects of his game which he needs to work on and he has shown a real effort to do that.
"Defending is not a natural part of Adel's game but he understands that there is an obligation for any player who plays for me to recognise it's not all about playing when we have the ball in our possession.
"Adel and many of the players here understand that the club is looking to go in a forward direction and they want to be a part of it."
