To'o's previous contract was set to expire at the end of next year and since November 1, the dual-grand final winner had been free to negotiate with rivals for 2024.
After retaining To'o through 2027, Penrith will shift their attention to fellow premiership winners Stephen Crichton, Scott Sorensen, Jaeman Salmon and Spencer Leniu, who are all without deals beyond 2023.
"I'm very grateful and blessed to call Panthers home," To'o said in a statement.
"I'd like to thank everyone at the club for giving me the opportunity to do what I love."
Coach Ivan Cleary welcomed the re-signing.
"Not only is 'Bizza' a tremendous player who has continually performed at the highest level in the biggest games, but he is more importantly a brilliant young man who brightens the day of anyone he comes in contact with," he said.
To'o has played all 70 of his NRL games to date with the Panthers and scored two tries in their 28-12 grand final defeat of Parramatta in October.
After a less prolific start to the season on the right wing, To'o came home with a wet sail and scored seven tries in his last four games of 2022.
The 24-year-old was also a member of the side that defeated South Sydney in the 2021 decider and that which lost to Melbourne in the last game of the 2020 season.
Originally speculated as being too short to play on the wing for NSW, To'o has featured in each game of the last two Origin series and also scored a try for Samoa in their loss to Australia in the Rugby League World Cup final.
The re-signing caps off a big week for To'o, who married his long-term partner Moesha Crichton-Ropati on Thursday.
To'o memorably proposed to Crichton-Ropati on the field following Penrith's 2021 grand final win and later chose five-eighth Jarome Luai as his best man.
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