Browne, 21, is currently undergoing rehabilitation from a knee reconstruction and won't play until the start of next year.
Speaking on Essendon's TV show, The Hangar, Browne said he was relieved to know his career at the club would continue beyond this season.
“I’m looking forward to repaying the faith the club has shown in me, and it’s great to have secured my future at the club for next season,” he said.
“Doing my rehab work has been quite lonely at times, so the news has been a massive motivational boost and allows me to focus fully on my return.”
“The support of the club and the boys has been great over the past couple of months and I can’t wait to get back out there, round one, 2015.”
Coach Mark Thompson said Browne had been unlucky to suffer such a serious injury prior to the start of the 2014 season.
“Alex had his best pre-season to date, so to face the set-back he did, and respond the way he has, he’s the type of player we want at our club,” Thompson said.
“He’s responded with fantastic maturity and he’s been ticking all the boxes with his rehab coaches.”
“If Alex can complete all his rehab work and build on that over the pre-season, there’s no reason he can’t push for regular season selection in 2015.”
Browne debuted for Essendon in 2011 but has played just the eight games in over three seasons. He impressed in the 2013 NAB Cup before a hamstring injury slowed his year and he was unable to break into the senior side.
