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Griffin, 25, has seen his career riddled by knee injuries, but made his return in round 15 this season.
Despite making just 12 NRL appearances during his career, Griffin has been re-signed by the Storm.
"Slade has been through a lot in his four years at the club and that comeback game showed how strong of a character he is," Storm football director Frank Ponissi said.
"He is a valued member of the playing group and the boys love having him around the club because of how hard he works every day.
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"We look forward to seeing Slade back to his best on the field in 2017."
The Storm have also signed youngsters Jahrome Hughes, Brandon Smith and Ryley Jacks.
Melbourne reached the grand final in 2016, losing the decider 14-12 to the Cronulla Sharks.