Florida State announced the signing Tuesday Terms of the deal weren't announced but the agreement links Fisher to Florida State through 2019.
Fisher had been mentioned as a candidate to take over the coaching vacancy at Texas.
"We are extremely pleased with the direction of our program and believe that his new contract will assure that coach Fisher is in place to lead the Seminoles for a long time to come," Florida State Athletic Director Stan Wilcox said in a statement.
"Coach Fisher enjoys the full support of the leadership of the university and we look forward to the continued success of our football program on the field and in the classroom."
The No. 1-ranked Seminoles (13-0) take on second-ranked Auburn (12-1) in the BCS title game Monday.
Fisher, 48, is in his fourth year as Florida State head coach. He was offensive coordinator at Florida State from 2007-09 before taking over as head coach Jan. 7, 2010, succeeding Bobby Bowden, who coached there from 1976 until 2009.
His teams have gone 44-10 overall and 26-6 in the ACC. The Seminoles have won all three bowls games they played in with Fisher as coach.