The Republic of Ireland international has scored 19 goals in 76 appearances for the Royals since his 2008 arrival from Dundee United, but missed much of last season due to a knee injury.
"It's something we both wanted," Hunt told the club's official website.
"A lot of players in my situation let their contract run out and see what happens, but I didn't have any doubt in my mind and I love it here.
"I'm buying into what the manager is selling and everyone else is as well. It makes us a good team and it's the place to be for me. Hopefully we can get up to the play-off positions and kick on."
Royals boss Brian McDermott said: "We're delighted that Noel has agreed to stay for another couple of years. As everybody knows, he's a great guy and you can see the work he puts in on the pitch.
"On top of that he does a lot of work in the community and with local charities, he's a real ambassador for us and as I said we're delighted."