Promising goalkeeper Guaita has signed a three-year extension to bind him to the Mestalla stadium until June 2015.
"I have had a great year and I want to spend a lot of years at Valencia," Guaita told the club's official website.
"I want to continue as I have been doing and just working hard. I have four years to do that now."
Veteran midfielder Albelda, 33, also signed a one-year extension to extend his stay at the club.
Valencia confirmed Albelda, who was out of contract in the summer, would stay until June 2012.