Mitchell's original deal was due to run out at the end of 2025, but that has now been extended following Hawthorn's surge up the ladder this year.
The Hawks started the season at 0-5, following on from their 13th and 16th-place finishes across Mitchell's first two years in charge.
But Hawthorn stormed home with 14 wins from their next 18 games to secure their first finals appearance since 2018.
Hawthorn defeated the Western Bulldogs by 37 points in the elimination final, marking the Hawks' first finals win since claiming the flag in 2015.
But their bid to reach the preliminary final fell just short, with Hawthorn losing to Port Adelaide by three points in a thrilling semi-final.
Hawthorn have already recruited St Kilda defender Josh Battle via free agency ahead of next season, and they're set to gain star Eagles backman Tom Barrass during the trade period.
The Hawks have been installed as one of the premiership favourites for 2025.
Hawthorn chief executive Ash Klein said the decision to extend Mitchell's contract was a no-brainer based on what he had built since the beginning of his tenure. "The influence that Sam has had during his first three seasons as senior coach has been quite significant and we're incredibly excited about the direction of our club with him at the helm," Klein said in a statement. "Having seen the growth and development across our entire football program under the tutelage of Sam, there is no better person suited to lead us as senior coach into 2025 and beyond. "Sam's innate ability to teach, motivate and inspire are all key aspects of the special culture that has been established under his leadership, where our players are supported to realise their potential."
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