Relations between Red Bull and Renault became fraught last year, with the four-time constructors' champions at one stage threatening to quit Formula One following a string of poor results and reliability issues.
However, in the absence of an alternative supplier, a deal was struck for Red Bull to use Renault power units badged as TAG Heuer in 2016.
And results have duly improved, 18-year-old Max Verstappen claiming a stunning maiden win in Spain this month and Daniel Ricciardo claiming pole for Sunday's Monaco Grand Prix.
In a statement, Red Bull team principal Christian Horner said: "We are delighted to extend our partnership which has proved very successful over time. After the reconstruction that Renault has undertaken, clear progress has been made which has made it logical to continue with the TAG Heuer badged engine."
The statement added: "Over the period both Red Bull Racing and Scuderia Toro Rosso will receive the latest hybrid power unit, and have the opportunity to badge the power units as they wish."
Red Bull first linked up with Renault in 2007 – the alliance proving highly successful as Sebastian Vettel won the drivers' championship in four successive seasons from 2010, while also helping his team to the constructors' title.
Toro Rosso partnered with Renault in 2014 and 2015, but are using Ferrari engines this year.
Jerome Stoll, president of Renault Sport Racing, said: "We are very pleased to partner with two such strong teams as Red Bull Racing and Scuderia Toro Rosso.
"Having competitive partners demonstrates the confidence both have in the improved Renault power unit and in our organisation as a whole."