The 25-year-old set career highs with 26 goals, 43 assists and a plus-23 rating last season. The 69 points are tied for the fourth most by a Wild player in team history.
"Mikael has been an important part of our club for the last five years, and he showed a great amount of growth with an impressive performance last season," Wild general manager Chuck Fletcher said in a statement. "People across the league are now surely aware of what our management group has always known: Mikael has a tremendous level of talent and skill. Coupled with his excellent work ethic and tremendous character, we know he'll play a large role in the future success of our team, and we're thrilled to have him under contract moving forward."
The Wild, who had a franchise-record 106 points last season, also avoided arbitration by signing Nino Niederreiter to a five-year, $26.25 million deal this offseason.
Granlund had a $3 million cap hit last season.