Traore, who can play at left-back or on the left side of midfield, is now tied to the club until the end of the 2015-16 season.
The Senegal international, who has made 58 starts and 18 substitute appearances for the R’s, follows Clint Hill and Alejandro Faurlin in signing a new deal following QPR's promotion back to the Premier League.
He told the club's official website: "I am so happy to have my future sorted out. I wanted to stay at QPR and now this is done I can fully concentrate on the challenge that lies ahead.
"Next season is an extremely important one for me, added to the fact we’re back in the Premier League.
"I want to show what I can do in the best league in the world for QPR - that’s what it’s all about. I'm 24 now - it’s time to wake up and do something serious."