The winger came up through the academy system at the London club and left in 2013 for a move to Man Utd, but returned to Selhurst Park just 2 years later after failing to settle in at the club.
Since his return, Zaha has become one of the Premier League's most exciting players to watch, and has been voted Palace's player of the year for the last 3 seasons.
The summer saw a lot of speculation that he would seek a move away from the 'Eagles', with the likes of Borussia Dortmund and Tottenham registering interst in acquiring his services.
His manager Roy Hodgson was confident that Zaha would sign a renewed deal, and started the club's first game of the Premier League season with a goal.
Speaking to the club's website, the Ivorian international said "I'm very pleased. Obviously, I wanted to get it over and done with, so I can just focus on the season. I'm buzzing that we managed to get it sorted.".