The extension adds two years to the deal Edwards signed when he took over the Sun Devils' football program in 2018.
"It is an honor for myself and my family to serve as head football coach at Arizona State University," Edwards said in a statement. "We have accomplished a lot in our first two years in Tempe and we look forward to continuing that momentum in all facets of our program.
"Recruiting is the lifeblood of winning college football games and we are pleased with where we are and we look forward to continued improvement."
Edwards has posted a 15-11 record in the past two seasons with the Sun Devils and has led the team to two consecutive bowl games. He guided Arizona State to an 8-5 record this year, including a 20-14 win over Florida State in last month's Tony the Tiger Sun Bowl.
Edwards, a former NFL coach, spent eight years as an ESPN football analyst before joining Arizona State in 2018. He compiled a 56-78 record as a head coach in the NFL with the New York Jets (2001-05) and Kansas City Chiefs (2006-08).