The Slovenian, who arrived at Atletico in 2014, has renewed his contract with the club until June 30, 2023.
The Slovenian shot-stopper, 26, is now tied to Atletico until he turns 30.
He has conceded a miserly 21 goals in 32 La Liga games this season and has helped his side earn 18 league clean sheets.
“I'm very happy to have signed a contract extension and to be here. I'm going to defend these colours to the best of my abilities and continue working hard,” Oblak said.
The 26-year-old arrived at Atletico in 2014. Almost five years later, he’s widely considered as one of the world’s top goalkeepers thanks to his hard work, commitment and talent.
At just 26 years of age, he is already the fifth most-capped goalkeeper in Atletico history.
Oblak has won one Spanish Super Cup (2014), one Europa League (2017-18) and one UEFA Super Cup (2018), as well as many individual awards. Oblak made the UEFA Champions League Team of the Year in the 2015-16 and 2016-17 seasons and was named Slovenian Player of the Year in 2015, 2016, 2017 and 2018.
Whatever next season brings, Oblak is likely to be a crucial part of any success the club can hope to have, with another fine season between the sticks further cementing his place among the top goalkeepers in world football.