The 24-year-old will be staying at the Crows until at least the end of 2027, securing his future before he comes off-contract next year.
Rankine returned to his home city ahead of the 2023 season, after four years with Gold Coast.
"Since moving back home to Adelaide and playing for the Crows, I couldn't be happier," Rankine said.
"This season has definitely had its challenges but I know good things are ahead for us."
Could watch this all day... 🤤— Adelaide Crows (@Adelaide_FC) Enjoy some of the best of Izak Rankine following his two-year contract extension. pic.twitter.com/ZoGhUnKuX6August 8, 2024
Rankine has had a major impact in every game he has played this season, unfortunately for him and the Crows he has missed extended periods.
He was sidelined for four weeks after hurting his hamstring in the dying seconds of Adelaide's heartbreaking round-10 defeat to Collingwood.
Rankine will return for this Sunday's clash with the Western Bulldogs at Adelaide Oval after serving a four-game suspension for rough conduct against Brisbane Lions defender Brandon Starcevich.
Izak Rankine will relish his return to action after a month out under suspension. (Matt Turner/AAP PHOTOS)
"I don't think (Rankine) enjoys watching football, but he loves playing the game, so we look forward to him coming back in," Adelaide coach Matthews Nicks told reporters on Thursday.
"He's in great condition because he's worked right throughout the break, unlike an injury, he's been able to get as much physical work in as he needs.Â
"He'll be very important for us, but the expectation too is it may take a little while for the touch to come back.
"Although if there's a player that you probably trust can come back in and (thrive straight away), he's one."
Across 81 games - 48 with the Suns and 33 at Adelaide - Rankine has booted 119 goals.
Adelaide will miss finals for a seventh-straight season as they sit 15th with three rounds remaining.
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