Athletic director Dave Brandon announced the agreement Monday. Berenson is entering the final season of his contract, and the extension keeps him at the helm through the 2015-16 season.
Berenson has led the Michigan program since 1984 and won national championships in 1996 and 1998. He has guided the Wolverines to 22 consecutive NCAA tournament appearances and 11 Frozen Fours.
Berenson is 752-352-77 in 28 years at the helm.