Edwards, 30, has been rewarded with a two-year deal.
The 255-game player finished second in the Jack Dyer medal this season after another consistent campaign, averaging 21 touches per game.
Edwards captained the Tigers at times during the 2019 season when skipper Trent Cotchin was out of the side.
One of the longest-tenured Tigers, Edwards continue to thrive at Punt Road and placed 3rd at the club for contested possessions, clearances, centre clearances and tackles for the 2019 season.
Edwards was also in the top four within Richmond for metres gained, disposals and intercepts.
Along with Edwards, new cult hero Marlion Pickett has signed a one-year deal.
Pickett became the first player to debut in a Grand Final since 1952 after he was picked up in the mid-season draft after several years of outstanding performances for South Fremantle in the WAFL.
Earlier in the week, Pickett had won the Norm Goss Medal for his performance in the VFL Grand Final, ultimately paving the way for his selection in the decider against the Giants.
“We’re so proud of both Shane and Marlion, they’ve both had unique seasons in their own right,” said Richmond List Manager, Blair Hartley.
“Shane has been with us on a long journey, and he continues to step up in both a performance and leadership capacity when we need him.
“Marlion’s hard work and dedication has led him to Richmond, and we’re so proud of him for grabbing his opportunity with both hands.
“Both Shane and Marlion have made a great impact to our Club, and we look forward to that continuing next season.”