The new agreement with programme makers Syco Entertainment and Thames (part of Fremantle UK) will see Simon Cowell and his shows appear exclusively on the channel until at least 2024.
ITV say that Britain’s Got Talent will continue until 2024 and and The X Factor will return in 2020.
Simon Cowell said: “I am thrilled our relationship with ITV is to continue for the foreseeable future.
"ITV has always been home to Britain’s Got Talent, The X Factor – and me! - and this long-term commitment shows the mutual respect in our partnership.
“I would, of course, like to thank Carolyn [ITV Chief Executive Dame Carolyn McCall] and Kevin for their ongoing support plus all the teams at ITV, Syco and thames for their hard work and dedication.”
Kevin Lygo, ITV’s Director of Television added: “We are delighted to have secured Simon for another five years with ITV.
“His track record speaks for itself. He creates shows that bring the nation together, celebrating the talent and diversity of modern Britain and giving ordinary people with extraordinary talent the chance to find fame.”
Amelia Brown, Managing Director Thames, commented: “The X Factor and Britain’s Got Talent are shows full of heart, enjoyed by the whole family. Both celebrate talent of all kinds, from all walks of life and after 15 and 13 years respectively, we’re proud to make programmes which are much-loved staples of the ITV schedule.
"We are thrilled to continue our long-standing relationship with the network to bring these shows into people’s homes across the UK.”
Currently The X Factor is airing its new Band spin-off, which returns at 8:30PM tonight on ITV.
Britain's Got Talent will return in 2020 for what will be its 14th series.
This year's last series was watched by an average audience of just under 9 million viewers.