Alex Albon began his F1 season with Toro Rosso before switching to Red Bull in August.
He replaced the struggling Pierre Gasly, who went the other way.
Albon has impressed in the Red Bull car, finishing in the top six in all seven of his races.
The 23-year-old has now retained his seat for 2020, partnering Max Verstappen.
“Super proud to announce I’m a @redbullracing driver for 2020,” Albon shared on Instagram.
“It’s been an incredible 12 months for me, and it only gets crazier!
“To be in this position is something I’ve worked so hard for and to be in it feels surreal.
“A big thank you to everyone at Red Bull for putting their trust in me.
“This is an amazing opportunity for me and I can’t wait for 2020 to get started! But now to finish 2019 strong.”
How much is Alex Albon paid?
Albon was on a salary of £130,000 at Toro Rosso.
However, his earnings since the mid-season switch to Red Bull are unknown.
Team-mate Verstappen takes home a reported £10,000,000 per year.
How much is Alex Albon worth?
Albon’s net worth is estimated at £390,000 ($500,000), according to eCelebrity Spy.
Like many F1 stars, his income is boosted through lucrative sponsorship deals.
The Red Bull driver has partnerships with the likes of Moose Cider and MDM Designs.