Crouch, an All-Australian and best-and-fairest winner in 2017, was being tipped to seek a fresh start elsewhere via free agency after managing just 11 games this year and only one in the opening 18 rounds of 2023.
It was reported Crouch was told as early as last year he wouldn't be earning a new deal once his contract expired at the end of 2023.
But his recall in round 19 sparked a massive change in fortunes for the 28-year-old with Crouch putting together a hot end to the season to earn a new two-year deal.
Crouch says he's excited about where Adelaide's emerging list is heading.
"Adelaide is home and I love the footy club so I'm really pleased to be sticking around for the next two years," Crouch said in a statement.
"The direction the team is heading in and the relationships I've got with my teammates is really strong so I'm excited by what the future holds."
In the final six games of this season, Crouch averaged 29 disposals (12 contested), seven clearances and five tackles.
"As an experienced midfielder who knows what it takes to perform on the big stage, we are really pleased that Matt will continue his career with us," Adelaide list manager Justin Reid said.
"We acknowledge that it has been a challenging year for him before his opportunity showed itself in the second half of the season, but his attitude and approach to continually working on his game and helping others around him has been first class."
Crouch has played 143 games since making his debut in 2014.
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