The agreement will see Munster in Storm colours until the end of the 2023 season.
Having arrived at the Storm as a 17-year-old from Rockhampton, Munster has secured his place as one of the most exciting Five-eighths in the game and is due to reach his 100-game milestone in 2019.
Storm CEO, Dave Donaghy, said the signing of Munster was great news for the future of the Club.
"There is no doubt we value Cameron very highly at the Club, not just as a player but as a quality young man who we want around the Club for a very long time," Donaghy said.
"We know Cameron could have attracted a much higher price on the open market, but his decision to stay with the Storm speaks volumes about his character and commitment to the Club, players, members, fans and staff.
"He's an exciting young player with a bright future ahead of him and we hope to see Cameron play out his career with us and become yet another one-team champion of the Storm."
Munster ended weeks of speculation saying he was never really in doubt signing again with the Storm.
"The Storm was the first club to give me the opportunity to play football and I wanted to repay them," Munster said.
"I love this club, the players, the staff and our fans who turn up each week whether we are playing at home or away."
Munster also paid tribute to coach Craig Bellamy who he credited for helping through a tough 12 months on and off the field.
"Craig has been a huge influence on my career already and I can't wait to repay the favour for what he's done for me.
"I'm pretty lucky to be surrounded by some great leaders at the Storm. Along with Belly, Cameron Smith is the best captain you can have and to learn from. I see leadership and captaincy is definitely a goal of mine in the future."