The 24-year-old made the switch to the Premier League side from Brighton and Hove Albion in June 2011, and has since made 64 appearances for the club in all competitions, scoring three goals.
Bennett is currently sidelined with a knee injury sustained on the opening day of the season against Everton, but was thrilled to put pen-to-paper on his contract extension, which keeps him at the club until 2016.
"I’m delighted. Obviously I wasn’t expecting it being injured, but it’s fantastic," he told the club's official website.
"I appreciate the support of everyone at the club, right from the fans to everyone here. Hopefully I can repay their faith in me once I'm back fit.
"It's been a great two years so far and what we’ve achieved in that time has been absolutely brilliant. Hopefully we can do as well as that, and maybe aim a little bit higher as well."
Norwich boss Chris Hughton added that Bennett "thoroughly deserved" his new deal.
"It's nice timing for Elliott as he's going through a big chunk of the season injured, so it just shows that we have that faith in him," he said.
"He's such a good individual, so we feel he'll be fine coming through."
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