The 25-year-old still had a year remaining on his current deal but has decided to turn his back on free agency ahead of next season.
This comes after a strong finals series for the Caloundra and Aspley junior, kicking nine goals in three games to cap off his comeback season from a ruptured ACL in 2021.
Recommitting to the club was an easy decision for the Victorian-born forward.
"I jumped at the opportunity to re-sign, to be honest," Hipwood said.
"One thing that attracted me to stay with the Club is that I have been here since the dark times, so to be able to experience some good times and hopefully some better times coming, it was a pretty easy decision.
"When you listen to some of my idols, in Nick Riewoldt and Jonathon Brown, and what they have spoken about post their careers and how proud they are to be a one-Club player, that is something I have always aspired to be, if I had the opportunity."
Hipwood has already spent seven seasons at the Lions, having been drafted with pick No.14 in the 2015 NAB AFL Draft, and his new deal will see him double that time.
The Brisbane Lions Academy product says he has seen the club transition and build its way to contendership, and he's glad to be a part of that.
"I got drafted at a pretty unique time for the Club, then in 12 months' time our list sort of got turned on its end and we got a new coach and a new GM (General Manager Football)," he recalled.
"We had to build a culture from scratch which was eye opening at the start.
"But to now be able to have a stable environment where you come in to work and you know you are going to get better and we have goals, it is a really good environment and something I am proud to be a part of."
Brisbane Lions General Manager Football, Danny Daly, said Hipwood re-committing for a further six years was a significant moment for the Club's future.
"Eric deserves this contract extension because he has been instrumental in helping the Club get to where it is today," he said.
"From the moment he arrived at the Brisbane Lions he has continued to work extremely hard to reach his full potential, and it is a real credit to him.
"The way Eric performed during the finals, where he was our leading goal kicker, is really exciting for the Club moving forward and no doubt it has our members and fans excited."
Hipwood has played 126 games, with a return of 186 goals, leading the club's goalkicking in 2018 and earning three 22under22 selections.
This contract extension is just the latest in a trend of lengthy deals offered to stars near their free agency window.