The club gave no details about the length of the new deals but manager Arsene Wenger told the Arsenal website the pair, along with 17-year-old prospect Gedion Zelalem, had “committed their futures to the club”.
The news is a well-timed boost for the north London club, whose title challenge was steered back on track with a 1-0 win over rivals Tottenham Hotspur on Sunday.
“Cazorla and Ramsey are absolutely key players for us, and this news is a boost to the whole club,” Wenger said.
“Gedion is very young of course, but he has shown already that he has fantastic promise, and we all look forward to his development with us.”
Spain international Cazorla, 29, has made himself an integral part of Arsenal’s midfield since joining from Malaga in August 2012 and was voted the club’s player of the season last year having featured more than any other player during the 2012/13 campaign.
Ramsey made a stunning start to the current season, scoring 13 goals in 27 appearances before suffering a thigh injury in December.
“I’ve been here for six years and I’m so happy,” the 23-year-old Wales international said.
“I think we’ve shown so far this season what we’re all about and the direction that this club wants to go in. I want to be a part of that, and to be a part of something special at Arsenal. We have a great team which we believe can achieve great things.”
Central midfielder Zelalem, 17, a Germany youth international, made his first-team debut in January when he came on as a substitute in Arsenal’s 4-0 victory over Coventry City in the FA Cup fourth round.
(Reporting by Toby Davis; editing by Justin Palmer)