The triple premiership Tiger has played seven games this season, averaging 17.3 disposals and 5.3 spoils per game, bringing his career tally to 114 AFL games.
Originally drafted by the club with pick no.67 in the 2015 AFL National Draft, Broad went on to make his debut in 2016 before becoming a member of the 2017 premiership team.
The 30-year-old's new deal will take him through to his tenth AFL season, with Tigers GM of football talent Blair Hartley saying the club was "thrilled" to see him recommit.
"Nathan is an important player for us both on and off the field with his versatility, reliability, and energy making us a better team," Hartley said.
Broady's a Tiger for another two years 🐯✍️
— Richmond FC 🐯 (@Richmond_FC) May 30, 2023
"He has worked incredibly hard for everything he has achieved in his time in the AFL, and his drive to get the best out of himself and those around him remains strong.
"This contract is a great reward for Nathan and his family, and equally, we are thrilled to keep him at Richmond."
Broad is yet to miss a game for the Tigers this season since returning from suspension in Round 7.