The company's logo will appear on the Gunners' shirts until the end of the 2018/2019 season.
Chief executive Ivan Gazidis was thrilled with the agreement, saying: "This is an exciting day for Arsenal Football Club and all our supporters.
"This agreement is a testimony to Arsenal's approach and to the capabilities we have developed in recent years as well as the strength of our partnership with Emirates.
"The original deal with Emirates was a key facilitator of our move from Highbury and this next phase of our relationship will be just as critical to keep us at the top of the game in England and Europe.
"Emirates is the perfect partner for Arsenal and we are delighted to have agreed a new partnership. Emirates is a world-class brand and by flying to more than 120 destinations across six continents has a truly global reach.
"This reach will play an important role in our own ambitions to further extend the depth of our following around the world. The fact this partnership will continue for many years to come underlines how much both organisations value and benefit from the relationship."
Emirates began their partnership with Arsenal in 2004 when the airline secured naming rights to the stadium until 2021 and a shirt sponsorship that began in the 2006/07 season.