The Brazil international has been rewarded for a stellar campaign in which he made a total of 53 appearances in all competitions
The Brazilian, who arrived at the club from Deportivo La Coruna in the summer of 2010, has made the left-back berth his own over the past 12 months and was only too happy to commit himself to the Rojiblancos for a further five years.
"Last season was the best of my career and today I feel important in the dressing room," Filipe Luis told the Colchoneros' official website.
"Hopefully, I will fulfil my contract because Atletico Madrid will soon be back where they belong and I love being a part of the history of a club that has had great players like Garate, Luis Aragones and [Paulo] Futre."
Filipe Luis, who has been capped once by the Selecao, played a key role in last season's Europa League success, making a total of 53 appearances in all competitions.