The 29-year-old, who missed most of his first season with the club through injury, has made 15 appearances for the Wasps this campaign.
"I love playing for Wasps and the decision to extend my contract was an easy one to make," Bell told reporters. "I believe under Dai Young we will continue to improve and I am very excited about the future of the club and hope to be a big part of it."
Director of rugby Young added: "Chris has been excellent since he came here and worked very hard to get back from a tough injury.
"That work is being rewarded now and he's put in some fine performances this season. We are delighted he's committed his future here."
Bell joined Wasps from Sale Sharks in 2010.