The 25-year-old joined United in 2017 and has racked up 74 appearances with the Premier League club while the Sweden international has been capped 31 times.
After signing his new deal, Lindelof spoke of his determination to win some silverware at Old Trafford.
"Since the day I arrived at United it has felt like home," said Lindelof. "I have grown significantly both as a player and as a person in the last two years and for that I am grateful to everyone at the club for their help and support.
"I love playing football and my aim now is to help the team to win trophies and repay the fans for their unrivalled support.
"I know that everyone at the club shares this vision and will give everything to get Manchester United back to where it belongs.
"I’m still young and know I can improve further but with the help of the boss and his coaching staff, I believe that only good things are ahead for this great club."
United manager Ole Gunnar Solskjaer hailed the deal for a player whom he regards as a key figure in the current team.
"Victor has established himself here and has become a very important part of our team," said Solskjaer. "He brings calmness on the pitch and I can see that he is determined to help this club and to be successful here.
"I’m extremely happy that he has committed his future to Manchester United. We’re all looking forward to working together to deliver the success and get United back to where we know the club belongs."
The Swede joins goalkeeper David de Gea in signing a new deal with United this week.