The midfielder had been linked with a move back to his native Spain after his previous deal expired at the end of last season.
But the 30-year-old has committed to the Seagulls for a further year under new manager Oscar Garcia.
A statement on Brighton's website read: "David was influential in the club's play-off charge last season - scoring nine times, including a stunning free-kick against Crystal Palace which was voted the goal of the season.
"The former Athletico Bilbao man's previous one-year deal expired at the end of last season but new head coach Oscar Garcia has handed David a new contract with the club."
Gus Poyet lured Lopez to the Amex on a free transfer in September last year, and he made 39 appearances in all competitions.