The 33-year-old managed just six appearances last season due to the form of right-back Seamus Coleman and niggling injuries which kept him sidelined for long periods.
However, manager Roberto Martinez is keen to retain a degree of experience in his dressing room and as a result Hibbert - a product of Everton's youth academy - will stay on for another couple of years.
"Tony Hibbert has today signed a new two-year contract with the club," said a statement on evertonfc.com
"The defender, 33, had come to the end of his existing deal but will now remain at Goodison Park until at least the summer of 2016."
Martinez is also looking after the future of the club, however, and has handed reserves striker Conor McAleny a new three-year deal.
The 21-year-old striker, an academy graduate, broke his leg while on loan at Brentford last August and missed much of last season.
After speaking to the manager McAleny is keen to break into the senior side now he has returned to full fitness.
"He called me up a few weeks ago and we had a good chat
That was massive for me," McAleny, who made two first-team appearances as a substitute in 2011-12, told evertontv.
"He told me I was going to be in his plans and that was a big part of why I have signed.
"I want to get as close as I can to the first team, make some appearances and hopefully chip in with a few goals if possible."
Source : PA
Source: PA