England Under-21 midfielder Forster-Caskey has put pen to paper on a three-year deal having made 34 appearances during his breakthrough season in 2013/14.
Goalkeeper Walton, who has represented England at Under-19 level, will soon be aiming to make his first-team debut after committing to the Seagulls until 2018.
The pair become the latest emerging talents to pen fresh contracts at the club this summer, following in the footsteps of Rohan Ince and Solly March.
Manager Sami Hyypia told Brighton's official club website: "The progress of a number of the younger players here in the last 12 months has been very impressive, and it's great to be able to reward that with these new contracts.
"Jake and Christian both have bright futures ahead and with the right application and hard work, they can be key players for the club in the years ahead.
"I also hope that their progress and these improved contracts will spur on all of our young players at the academy to push forward in their careers. It shows that we are not afraid to give young players with ability the opportunity to flourish at the highest level."