The Dane finished sixth in the drivers' championship with one victory at the Hungaroring and another podium in Barcelona.
Lundgaard made his F2 debut with Trident in Abu Dhabi at the season-ending event last year, finishing 14th and 12th respectively in both races.
“It’s going to be a very challenging year stepping up to F2 with ART," Lundgaard said. "I’m happy to be staying with the team and I fully believe in them.
"Obviously, it will be tougher than 2019 as the races are longer and there’s also the challenge of pit stops. I was lucky to do the F2 race in Abu Dhabi as it meant I got a taste for what racing in F2 will be like this year.
"I’m confident that 2020 will be a success as I have the best team behind me. 2020 is a year which will decide a lot of things moving forward in my career. I need to do well and prove what I’m capable of doing at the wheel.
"My goal is to win the championship. I would like to thank my sponsors, investors, Renault, my family and my manager for making this next step in F2 with ART happen.”
Confirmed 2020 F2 drivers and teams
|ART Grand Prix
|Charouz Racing System
|Hitech Grand Prix
Bahrain International Circuit - Winter testing
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