Midfielders Wilshere, 20, and 19-year-old Oxlade-Chamberlain, plus Welsh midfielder Aaron Ramsey (21) and England defenders Kieran Gibbs (23) and Carl Jenkinson (20) have all committed themselves to Arsenal.
"Jack is certainly the best known, the leader of this group - but the other four players are exceptional footballers, and we're very happy that we could conclude their new deals at the same time," manager Arsene Wenger told the club's website.
"We are delighted that these five young players have all signed new long-term contracts," added the Frenchman.
No details on the lengths of the contracts were given though Wenger was keen to impress that the nurturing of home-grown talent was one of the club's main objectives.
"I'm a strong believer in stability and I believe when you have a core of British players, it's always easier to keep them together and that's what we'll try to achieve going forward."
"The plan is to build a team around a strong basis of young players, in order to get them to develop their talent at the club," said the 63-year-old.
Defenders Gibbs (two caps) and Jenkinson (one) are the least experienced but Wenger said they were all of equal worth to Arsenal and the club's future.
"Gibbs, Jenkinson, Oxlade-Chamberlain, Ramsey and Wilshere represent a core of the squad and it's an extension for a long period for all of them," he said.
