Carrick, who has been at Old Trafford since 2006, also has an option to extend his deal for a further year.
The 32-year-old is currently sidelined with an Achilles injury but has recently returned to light training as part of his recovery.
He told the club's official website he is keen to add to his trophy haul at the club, which currently includes five Premier League titles, a League Cup, a FIFA Club World Cup and a UEFA Champions League.
"It is great to extend my contract at this great club. I am really enjoying my football," Carrick said.
"The club has gone through a few changes and working under David Moyes has been fantastic. I have won many trophies in my years playing here and I am looking forward to achieving more in the future."
Manager David Moyes added: "I am delighted Michael has extended his contract. During my short time at the club it hasn’t been hard to notice that Michael is a great reader of the game and has excellent passing ability.
"He is an exceptional man and a true professional and it’s great that he has committed himself to the club."
