The 34-year-old has been a regular in the Loftus Road side's starting line-up since Harry Redknapp appointment as manager in December, making 18 appearances so far this season.
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"Clint is a great character, a good lad and a fantastic professional," Redknapp told the club's official website.
"He leads by example and has been superb for me since the moment I walked through the door.
"You know what you're going to get from Clint when he plays and that's 100%. He puts his body on the line for the club and that's what we need."
Hill added: "It's a very proud moment for me. I'm honoured and privileged. I'm sure it will be something I look back on in years to come with great admiration."
"Ji and Ryan have both had the honour of captaining the side this season and I'm relishing following in their footsteps."