Trippier has been pivotal to the Magpies' rise over the past year since signing from Atletico Madrid last January.
Trippier has been part of a Newcastle defence that has kept 16 clean sheets in all competitions this season.
Eddie Howe's men are third in the Premier League and on the verge of the League Cup final after winning the first leg of their semi-final 1-0 away to Southampton on Tuesday.
"It's a positive moment for us players in the club and there's no place I'd rather be," said Trippier.
The former Tottenham right-back was Newcastle's first signing under the ownership of the Saudi sovereign wealth fund.
Trippier played a major role in just keeping Newcastle in the Premier League last season before their push into Champions League contention this campaign.
"It's a fitting reward for the season he's had," said Howe.
"He's been outstanding both on and off the pitch, showing real leadership at a difficult moment when he first arrived, and now he's excelled in a team that's doing well."
Newcastle meet Southampton in the second leg of their EFL Cup semi-final next week.
