The former Cardiff and West Brom man will now stay at Stoke until the end of the 2015/16 season.
Odemwingie also have an option of staying at the Britannia Stadium for "a further 12 months."
Stoke City explained that they decided to hand Odemwingie a new contract due to his recovery from a knee injury at the start of last season. Odemwingie had to endure an eight-month spell following the injury and made a return to the Stoke setup in April against Sunderland.
"Stoke have rewarded Odemwingie with a new contract extension after he successfully recovered from a serious knee injury that had kept him out for the majority of last season," Stoke said.
Chief Executive of Stoke City, Tony Scholes, said the club are happy to hook Odemwingie on an extension.
"We're delighted that Peter has extended his stay with us at the club until the summer of 2016. He suffered an unfortunate injury last season after making a big impression immediately after joining the club.
"Peter has worked incredibly hard to battle back from this to regain full fitness. He's a popular figure not just in the dressing room but with the club staff and supporters so we are thrilled to keep him on board this season," said Scholes.
Odemwingie made just eight appearances last term for the Potters due to the knee injury he sustained at Manchester City on August 30, 2014.
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