The Senegalese international, who joined the West London outfit from Arsenal in 2011, is now tied down to the newly-promoted Premier League club until 2016.
"I am so happy to have my future sorted out," Traore told the club's official website. "I wanted to stay at QPR and now this is done I can fully concentrate on the challenge that lies ahead.
"I am fully focused on the start of the Premier League season, I'm really looking forward to it. Next season is an extremely important one for me, added to the fact we're back in the Premier League.
"I want to show what I can do in the best league in the world for QPR – that's what it's all about. I'm 24 now – it's time to wake up and do something serious."
Traore, who made 58 starts for QPR last season, joins teammates Clint Hill and Alejandro Faurlin in signing new deals.