Wojciechowski led the Golden Eagles to their second NCAA Tournament appearance in three campaigns, though Murray State eliminated them this season in the opening round.
"We are excited about the direction of our program and the progress it has made, both on and off the court, during Steve's tenure," vice president and director of athletics Bill Scholl said in a statement.
"If you look at where the program was when he took over, it's easy to see we are on the right path in terms of competitive success and what our players are accomplishing in the classroom and contributing in the community."
Wojciechowski replaced Buzz Williams in April 2014, and he now holds a 97-69 record across five seasons at the helm.
Marquette posted a 24-10 record last season, finishing second in the Big East after going 12-6 in conference play. The school reached as high as No. 10 in the AP polls.
"There is still work to be done and our passionate, dedicated and deserving fans can be assured that our staff and players are working extremely hard on a daily basis to make sure their program is considered among the nation's elite on a consistent basis," Wojciechowski said.