The deal runs until the summer of 2021, extending his stay at Deepdale by another year as his previous contract ran to 2020.
Last season he was voted PNE player of the year by supporters and team-mates, while the Republic of Ireland international also won the goal of the season award.
Browne, 23, said: "I'm pleased to get it done, it's good for myself and the club to get it over the line.
"We were in talks for a little while but it is all completed now.
"I had two years left anyway but this is good stability for myself.
"The club has shown me a lot of loyalty and also me to them, it works both ways.
"They've been good to me over the years when it comes to new contracts."
Browne joined North End as a 17-year-old from Cork City in January and has gone on to make 163 appearances, scoring 16 goals.
Nine of those goals came last season in what was arguably the Irishman's best campaign at PNE.
Browne said: "Coming here as a kid was obviously a big step for me.
"From there I have progressed every year, no more so than last season which was my peak progression.
"Hopefully I can keep that going so that I can help the club to where they want to get to."
Browne is the second player to sign a new deal with North End this week, centre-back Paul Huntington having done so on Tuesday.
During the close season, Darnell Fisher, Tom Clarke, Sean Maguire, Paul Gallagher and Mathew Hudson all penned contract extensions.