Hurdle, 49, has been the Colorado manager since April 26, 2002, and has a 352-436 managerial record. The Rockies were 76-86 last season. O'Dowd, 47, has been the Rockies' general manager since Sept. 20, 1999, and is credited with developing a strong Colorado farm system.
The new agreements, monetary terms of which were not released, cover the 2008 and 2009 seasons.
"We made a commitment to our organization and everyone in it a long time ago and these extensions are a part of that," Rockies President Keli McGregor said. "I met with ownership at the end of spring training and we believe this is the right decision at the right time."