Wales captain Ramsey, 23, is currently sidelined by a thigh problem but was in unstoppable form earlier in the season - netting 13 goals in 27 appearances during the Gunners' positive start to the 2013/2014 campaign.
The 29-year-old Cazorla was voted Arsenal Player of the Season last term having joined from Malaga for £15m and the pair, along with promising youth team product Gedion Zelalem, are pleased to have secured their futures at The Emirates.
Ramsey said: "I'm delighted to have signed a new contract. I've been here for six years and I'm so happy. I think we've shown so far this season what we're all about and the direction that this club wants to go in.
"I want to be a part of that, and to be a part of something special at Arsenal. We have a great team which we believe can achieve great things."
Cazorla added: "I'm so happy to have signed a new contract with Arsenal. This club makes me very happy - the manager, my team-mates, the fantastic supporters, the stadium and the whole organisation here.
"I have had a great time with the club since joining nearly two years ago, and I think that we can be a big player in competing for the top trophies in years to come and that's important for me.
"I have already had lots of good moments here and hopefully there will be many more to come."
Arsenal manager Arsene Wenger said: "We are very pleased that Santi Cazorla, Aaron Ramsey and Gedion Zelalem have committed their futures to the club.
"Cazorla and Ramsey are absolutely key players for us, and this news is a boost to the whole club.
"Gedion is very young of course, but he has shown already that he has fantastic promise, and we all look forward to his development with us."