Campbell is a three-time Big 12 Coach of the Year, and he led the Cyclones to their most successful campaign in school history this past season. He's received interest from a number of NFL teams over the last few offseasons.
"Coach Campbell has always put investments in his student-athletes and football staff before his own personal gains," athletic director Jamie Pollard said in a statement. "That is the essence of servant leadership and is what makes Coach Campbell so successful."
Iowa State also agreed to provide Campbell with $3 million for staff salary enhancements over the next three years.
The Cyclones qualified for the conference championship game following an impressive 9-3 campaign, and they topped Oregon in the Fiesta Bowl.
Campbell owns a 35-28 record since taking over in 2016, and he's 16-9 over his last two seasons.