The two 26-year-olds have signed new deals that will keep them at Goodison Park until 2012.
The pair were also members of the FA Youth Cup-winning side of 1998 and are the two-longest serving players in manager David Moyes' senior squad.
Liverpool-born Hibbert is delighted with the new contract, saying: "I am made up that I am here for another five years and I am very happy to be here and carry on playing my football here.
"It is good to sign at the same time as Leon. We have grown up together and been playing for Everton for many years. It is good to see that we are still wanted at the club."
Negotiations with the duo have been ongoing since November but Osman insisted there was never any doubt the new deals would be agreed.
The Wigan-born midfielder said: "We started talking a couple of months back, but I do not think there was ever any doubt that I was going to commit my long-term future to the club.
"I have been here since I left school, and that is a long time, but it is where I want to play my football."