The 32-year-old's current deal was due to expire at the end of the season but he has now tied himself to McDiarmid Park until May 2015.
The former Dundee and Oxford defender has made almost 150 appearances since joining the club from Livingston in May 2009.
"I'm delighted to get it sorted out," said Mackay. "When you are getting towards the end of any contract, there is always a worry that you could pick up an injury and be left in limbo."
St Johnstone boss Steve Lomas is also pleased to have agreed Mackay's stay ahead of Wednesday's home league game against Aberdeen.
He said: "Dave signing again is a great bit of news for us. He is our club captain and Mr. Reliable. He brings a coolness and consistency to the team."
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