The Suns are still searching for their first finals appearance, having finished 12th under Stuart Dew last season.
But Rowell's renewed commitment is another step in the right direction.
The 21-year-old former No.1 draft pick was already contracted for next season and is now tied to the Suns until the end of 2025.
"I really love the footy club and think we're moving in a really good direction," Rowell said in a club statement.
"I'm really confident in the group we have that we're just going to get better.
"The group has put a lot of hard work in, and I've signed the contract because I know we've gone through that tough bit and now we're seeing some improvement.
"The end goal, which really drives us as a footy club, is to win that first premiership for the Gold Coast Suns, which would be awesome.
"There's a lot of hard work to go before that, but that's our journey and we're going to keep working hard in the meantime."
Rowell joins fellow young guns Jack Lukosius, Ben King, Elijah Hollands and Connor Budarick in re-signing with Gold Coast, who lost Izak Rankine to Adelaide during the trade period.
Rowell's first two seasons at AFL level were ruined by injuries, but he bounced back to play every game in 2022.
"We are excited by what's to come in his career," Gold Coast list boss Craig Cameron said.
"Matt is an important part of our young core group of players, many of whom have committed their futures to the club in recent times.
"He has faced some hurdles early in his career, but we are excited to see him continue to play an important role for the team and help the club rise in 2023 and beyond."
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