Balanta, 22, who joined the League One club on loan for a third time last month, was set to see his latest stint in Milton Keynes come to an end after the Dons' game at Shrewsbury on Tuesday night.
However, manager Karl Robinson will now have the Colombian available for some crucial matches against the likes of Colchester, Brentford, Hartlepool, Doncaster, Walsall, Coventry and Notts County.
"We are grateful to QPR for letting us have Angelo until the beginning of January," said Robinson.
"He has been in terrific form since signing last month and has provided us with something different out wide with his natural pace and skill.
"Now he has a run of games under his belt, I'm sure we'll see the best of him in the coming weeks. I have no doubt that he will be crucial to us picking up points throughout the busy Christmas schedule."