Martin, a 13-year veteran, played 18 regular-season games with the Knicks last season, averaging 7.2 points on 60 percent shooting and 5.3 rebounds. The 35-year-old also played a pivotal role for the Knicks in the playoffs.
Contract details for Martin were not immediately available. Due to salary-cap constraints, the Knicks were only able to offer free agents a minimum contract.
Martin signed with the Knicks in late February and emerged as a key piece for coach Mike Woodson. His rim defense and ability to defend the paint were two key aspects of New York's 13-game winning streak late in the regular season.
Martin is expected to fill the same role this season.
"Kenyon did a fantastic job for us once he signed in February," general manager Glen Grunwald said in a statement. "He strengthened our frontline going into an important stretch of the season with some very impressive performances. We are happy to have him back."
With Martin in the fold, the Knicks have three open roster spots. General manager Glen Grunwald has said he may keep one or two roster spots open heading into training camp so the team has room to sign a training-camp invitee.