The 87th edition of the ceremony, which honors excellence in cinema, is scheduled to air live on ABC Feb. 22.
"We couldn’t be more thrilled to have Craig and Neil back to produce the Oscars again in 2015," Academy President Cheryl Boone Isaacs said in a statement. "Their showmanship has elevated the show to new heights and we are excited to keep the momentum going with this creative partnership."
"This year’s show reached viewers of all ages and set social media records, proving that Craig and Neil are masters at tapping into the zeitgeist and capturing the hearts of movie fans around the world," added Academy Chief Executive Officer Dawn Hudson.
"We are delighted to work with Cheryl, Dawn and the academy to produce the Oscars for a third time," Zadan and Meron said in a joint statement. "We're proud of the show's success over the last two years and are eager to embark on another entertaining show to honor this year's motion pictures."