Financial details of the new pact are being finalized, but his current deal pays him $2.81 million annually. He was under contract through the 2013 campaign.
"The extension is a statement that we are excited to have Mark as our coach and that he is excited about being at Georgia in the years to come," said Georgia athletic director Greg McGarity.
Richt has spent 11 seasons at Georgia and has a record of 106-38, including 62-30 in the SEC. The Bulldogs were 10-4 this past season, with a 7-1 mark in the SEC, and lost to LSU in the conference championship game.
"I've said for many years that I wanted to be at Georgia as long as Georgia wanted me," said Richt. "I'm excited about where we are with our program and looking forward to the years ahead."
The Bulldogs were coming off the first losing season under Richt in 2010 with a 6-7 mark, then lost their first two games of 2011 before ripping off 10 straight wins and capturing the SEC East. After the 42-10 loss to LSU in the title game, Georgia also came up short in the Outback Bowl with a 33-30 loss in triple-overtime against Michigan State.
Richt has guided Georgia to a pair of SEC championships and four East Division titles. He joined the Bulldogs in 2001 after an 11-year stint as an assistant coach at Florida State.
Georgia also extended the contract of defensive coordinator Todd Grantham through the 2014 season.