The 21-year-old's previous contract would have expired in the summer of 2024.
Skipp came through the Spurs youth system and made his first team debut in 2018.
Skipp has made 28 appearances across all competitions this season but is currently sidelined through injury.
He was named in the Championship team of the season while on loan at Norwich City last term when he helped the Canaries gain promotion to the Premier League.
"We are delighted to announce that Oliver Skipp has signed a new contract with the club that will run until 2027," read a statement on the club's website.
"Making his competitive first team debut in a Carabao Cup win over West Ham in October, 2018, the academy graduate has gone on to make 52 appearances for us, whilst enjoying a successful loan spell at Norwich City last season, where he featured in 45 of their 46 league games and was named in the PFA Championship Team of the Season."
"I'm delighted to sign this new deal, it's something that I'm very grateful for. It means a lot when you've grown up at the club, my whole family supports this club," he told the club's official media channels.
"It means a lot when you step out in front of that crowd. I've missed that feeling, obviously, in the last few months, and I'm pushing to feel that again.
"It's been a really frustrating one for me, it's just about being patient, it's something that happens in a footballing career, and I just want to make sure that when I'm back, I'm right."
Tottenham are currently in fourth position on the Premier League table.