The two-time Pro Bowler known as the Muscle Hamster had drawn interest from "at least six teams" when the Bucs refused to slap a franchise tag on Martin, NFL.com reported.
Last year, the 27-year-old Martin returned to peak form after two injury-plagued seasons, logging 288 carries for 1,402 rushing yards and six touchdowns in 2015.
"Many of our offensive accomplishments last season can be attributed to the success of our running game with Doug in the backfield and we believe he is a perfect fit for our offensive system," Bucs GM Jason Licht said in a statement. "It is always satisfying when you get the opportunity to reward one of your own players and Doug certainly has earned his place as one of our young foundational players.”
The Bucs drafted Martin in the first round in 2012.