Tarasenko, 23, was one of the league's top scorers last season, finishing with 37 goals (tied for fifth in the NHL) in 77 games. He was the youngest Blues player with a 30-goal season since Brendan Shanahan in 1991-92.
Tarasenko, who also had 73 points and a plus-27 rating last season, became the first player age 23 or younger to tally 35 goals and 35 assists with a plus-25 rating since Alexander Ovechkin in 2007-08, according to ESPN Stats & Information.
Tarasenko tweeted about the news shortly after the team's announcement.
Thank you for your trust. Me,my wife and my family proud to stay in St.Louis! pic.twitter.com/zp6Hf18QP6— Vladimir Tarasenko (@tara9191) July 7, 2015
Drafted 16th overall by the Blues in 2010, Tarasenko has 135 points (66 goals, 69 assists) in 179 career regular-season games over parts of three seasons. He also has 10 goals and an assist in 13 playoff games.
The Blues recently traded forward T.J. Oshie to Washington for Troy Brouwer, goalie Pheonix Copley and a third-round pick in next year's draft. St. Louis will have coach Ken Hitchcock back next season, when they hope to advance farther in the postseason. The Blues were ousted in the first round by Minnesota after posting the third-best record in team history.
The Associated Press contributed to this report.