The centre-back will move into his 10th year with Rovers having made the switch to Prenton Park in 2004.
Goodison, 40, has made 390 appearances during that time, placing him 11th on the club's all-time list.
On securing the 120-time capped Jamaica international, Tranmere boss Ronnie Moore told his club's official website: "People might be surprised that I've offered him a contract at the age of 40 but Ian doesn't play like a 40-year old.
"He is not like any other player I've ever worked with, he's a one-off and his team-mates love him.
"He has an incredible amount of experience and has helped our young defenders this season with a lot of advice before and during matches."
Goodison added: "I love Tranmere Rovers and am very happy to stay here. From the day I came to Tranmere all the fans, staff and coaching staff have made me very welcome and I thank them for that."