The 30-year-old joined the Blues from Brighton & Hove Albion on loan in 2021 before completing a permanent transfer in January 2022.
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Walton has since made 138 appearances for Ipswich and played an important role during a remarkable period of success for the club.
"I am very pleased to have signed a new deal at the club," Christian said.
"As I think all supporters will know, this club and the area means so much to me and I’m incredibly proud of everything we have been able to achieve together over the last few years.
“To win promotion and then represent Ipswich Town in the Premier League once again is one of the highlights of my career so far and I’m excited to have extended my stay here for a further season.”