Black will play a remarkable 16th season after ending months of speculation on his future.
The Brownlow medallist and Norm Smith medallist was an unrestricted free agent, but his desire to play on is as strong as ever.
Black will be 34 next season and has 314 career games next to his name.
He said the development of the Lions’ playing group over the past 12 months made the decision an easy one for him.
"It’s fantastic to extend my career another year at the club and I’m excited and thrilled to be a part of the playing group going forward into next year,” Black said.
"We’re under no illusions as to how much further we’ve got to improve, but there’s some good signs there and the group is really tight, united, and there’s some really strong mateship.
“Now I’ll have a few weeks rest and look forward to jumping back into pre-season in a few weeks’ time.”
Coach Michael Voss said last week Black's workload would be managed through the pre-season to ensure he was in pristine shape to play in 2013.
Black is just 20 games shy of breaking the club’s all-time games record currently held by Kevin Murray, on 333.
Click here for Simon Black's career stats
Marcus Ashcroft holds the post-merger club record of 318 games - also now in Black’s sights.
Lions’ general manager of football operations, Dean Warren, said the club was thrilled with Black’s decision.
“Blacky is just the kind of guy that you want around your footy club - not only is he an exceptional footballer and a champion of the game, but he’s a terrific role model to our young brigade coming through,” Warren said.
Michael Whiting covers Brisbane Lions news for AFL.com.au. Follow him on Twitter: @AFL_mikewhiting
The views in this story are those of the author and not necessarily those of the clubs or the AFL
