"This is really terrific news for everyone connected with the club," manager David Moyes told evertonfc.com.
"This continues our policy of securing - on long term deals - those players who not only represent Everton's present but also its future. Since joining us Joleon has more than proved his worth and the fact he is not only happy at Goodison Park but also willing to commit his future to Everton shows that we are most definitely moving in the right direction."
Chairman Bill Kenwright was similarly delighted after concluding negotiations with Lescott.
He said: "We have worked really hard over the past 12 months or so to secure the futures of our brightest and most gifted young players - men like Joleon, Tim Cahill, Mikel Arteta, Andy Johnson, Leon Osman and Tony Hibbert.
"Joleon is absolutely delighted to have agreed this new deal. I am delighted for him and also for our supporters who have really taken him to their hearts since his arrival from Wolves."