The announcement was made Thursday by Beth Hoppe, PBS' chief programming executive and general manager of general audience programming.
The program will kick off its 11th season in January.
"I am excited to continue with such a strong broadcasting platform as PBS," Smiley said in a statement. "My team and I are proud of what we've accomplished over the past 10 seasons and look forward to bringing our loyal viewers more in-depth conversations as we head into the 11th season. I want to thank Walmart for its generous and long-standing support."
"'Tavis Smiley' continues to be an important asset for PBS," said Hoppe. "Tavis and his colleagues produce shows that bring an intellectual richness to our audience with the mix of news and entertainment. Tavis' tremendous curiosity, passion and understanding are clear in every interview he takes on -- PBS is proud to be his television home."