Albon joined Red Bull midway through the 2019 season, replacing Pierre Gasly who struggled to get up to speed in the senior team.
Albon is currently enduring his maiden season in F1, having made his debut for Toro Rosso in the first half of the year, scoring a best result of sixth at the German Grand Prix.
However, since joining Red Bull, the Thai-British driver has finished inside the top six at each of the seven races he has contested so far with the team.
“I am really excited to be partnering Max again for next year and I know how fortunate I am to be given this opportunity," he said.
"I’m hugely thankful that Red Bull have put their trust in me and believed in my results since I joined the Team and for them to keep me in the car next year is a big deal.
"This year has been an incredible year for me and getting the call up to Red Bull mid-season was already a big step, so now I will use the learnings from this season and use the experience to improve and fight at the front in 2020.”
Red Bull team principal Christian Horner added “Alex has performed extremely well since his debut with the team in Belgium and his results – seven finishes in the top-six – speak for themselves.
"It’s extremely hard to deny that level of consistency and in tandem with a growing reputation as a tenacious, fiercely committed racer, Alex has proved that he fully deserves to continue his progress with Aston Martin Red Bull Racing.
"There is plenty of potential still to unlock and we look forward to seeing Alex alongside Max in 2020.”
Red Bull has picked up two race wins this season, both coming from Max Verstappen, who took the chequered flag in Austria and Germany.
Bahrain International Circuit - Winter testing
Would you like to stay up to date with the latest Lewis Hamilton and Formula 1 news from GPtoday? Activate free push notifications and be the first to know!