The 29-year-old played his first game for the Chiefs in 2010 and made his All Blacks debut two years later.
The 2015 Rugby World Cup winner has played 77 Tests and captained the team ten times. He has played 126 times for the Chiefs.
As part of his contract, Cane has the option of taking a non-playing or playing break from the New Zealand game in 2024.
"My passion for the game, whether it's playing for the All Blacks, Gallagher Chiefs or Bay of Plenty, is as strong as when I started playing, so it was an easy decision for me to extend my contract, and my wife Harriet and I are excited about what the future holds.
"I'm now looking forward to spending summer with my family and friends, and coming back ready go to again in 2022," Cane said.
All Blacks coach Ian Foster, who selected Cane as his captain last year, said the openside is an integral part of the All Blacks.
"We are thrilled that Sam has made a long-term commitment to New Zealand Rugby.
"He's an instrumental part of the All Blacks leadership group in his role as captain and I know that following a year in which he missed a lot of rugby with his significant injury, he is fully committed to being at his very best in 2022 and beyond, which is exciting.
"We're delighted for him and Harriet."
Chiefs coach Clayton McMillan said: "Sam is an exceptional player and highly respected leader, who has a great rapport with both coaches and players. He is passionate about the teams he is involved with and continues to demonstrate that through his ultra-consistent performances on the field.
"We are incredibly fortunate to have his services and look forward to seeing him continue to further his already impressive career."