Doncic was acquired by the Lakers in February and started all 28 games for the Purple and Gold to end the regular season.
“I’m really grateful to the Lakers organisation, my teammates and the fans for welcoming me and my family with so much support and kindness since day one,” said the Slovenian.
“This is an amazing organisation, and I truly believe in what we’re building together. I’m going to keep working as hard as I can to bring another championship to Los Angeles and to make Laker Nation proud.
"This is just the beginning. I’m excited for what’s ahead and to keep building something special with this team."
Doncic's $165 million extension with the Lakers will keep him out of free agency next summer.
“Today is a monumental moment for our franchise. Luka Doncic’s future is with the Los Angeles Lakers,” said Lakers President of Basketball Operations and General Manager Rob Pelinka.
“Luka is one of the game’s most transcendent players, and his on-court dominance and passion is without compare."