The 26-year old has agreed a one-year contract extension after impressing at Tynecastle since joining from Ayr United in February 2010.
Hearts boss Jim Jefferies was delighted that Stevenson had committed himself to the Jambos cause.
"Ryan was my first signing when I came back as manager and he has taken his chance well," Jefferies told Hearts News.
"It was a big step up for him and he got into the team quicker than he maybe thought due to the injury situation at the time.
"We tried him further up the park as one of the strikers and he did extremely well and chipped in with a few goals. He is still young and can get better and it's up to him to go and establish himself."
But for the good news surrounding Stevenson, the Edinburgh club say goodbye to Algerian central defender Ismael Bouzid and Spanish midfielder Ruben Palazuelos whilst Dawid Kucharski, Paul Mulrooney and Jamie Mole have also departed.