The 36-year-old has been at the club since joining from Schalke 04 in the summer of 2011 and has among other honours, won ten Bundesliga titles, five DFB-Pokals and two UEFA Champions League trophies.
Neuer's previous deal would have expired in the summer of 2023.
Neuer has made 472 appearances in all competitions for Bayern Munich, keeping 226 clean sheets.
"I'm very pleased that my journey continues at FC Bayern. We'll have a very good team again with which we can play for every title," the Germany number one told the club's official website.
"As a goalkeeper, captain and leader, I want to be the support and a key factor in our big goals. We want to extend our title record and compete again for the DFB Cup and Champions League."
Bayern CEO Oliver Kahn added: "Manuel Neuer is the best goalkeeper in the world and has been setting the standard around the world for years.
"It's a huge achievement to be so consistently world class for such a long time. We're very happy to have extended his contract. Manuel is a defining figure in the history of FC Bayern."
"We're very happy Manuel Neuer has extended his contract until 2024," continued sporting director Hasan Salihamidzic.
"Manuel has been at Bayern since 2011, is our captain, has been the best goalkeeper in the world for many years and, of course, is one of our key players.
"We want to have success in all competitions in the coming years. Manuel is huge support for us on and off the pitch.
"He'll continue to play a large part in us achieving our goals."
