Shields, 21, has made 13 appearances for the Hurricanes, while Goodes impressed in his eight games for his new club in the previous campaign.
"I'm stoked that I can play where I love and I can't see myself playing anywhere else. There is such an awesome team culture here and it is pretty special to be a part of it," Shields told Sky Sports News.
Goodes added: "I'm very happy to have re-signed with the Lions and extend my Hurricanes contract to the end of 2014. It's an exciting two years ahead."
The duo will remain with the club until at least the end of the 2014 season.