The Australian's new deal at the DW Stadium is due to expire at the end of next season.
Bowen, 32, joined Wigan from Queensland Cowboys in September 2013 as a replacement for the outgoing Sam Tomkins.
"I am so pleased that Matty has decided to stay with us for another season. His desire to win, great professionalism and his attitude off the field fit perfectly with the Wigan Warriors culture," coach Shaun Wane told the club's official website.
Bowen has scored 13 tries in 17 appearances for the Warriors so far this season.