The 33-year-old scored 13 goals to help the west London club win promotion to the Barclays Premier League as champions.
Helguson told the club's official website, www.qpr.co.uk: "My future lies here. You want to get things sorted out as early as possible and I've been able to do that, which feels good."
He added: "I wasn't sure what was going to happen when I came back last season, but I spoke to (manager) Neil (Warnock) and he wanted me to stay.
"I was happy with my (goals) return last year and to be able to play a part in winning the league was fantastic.
"It will be tough (next season), but I think we have got a great chance of doing well."
Helguson has Premier League experience from spells with Bolton and Fulham and Warnock believes that can only help his squad next season.
"Heidar made a massive contribution last year, and he'll play a big role again for us in the top flight next season," Warnock said. "People forget just how many games he played last season - he was exceptional.
"It's not just his goals - it's his overall game.
"He's a big presence in the dressing room, a steadying influence in both training and on matchdays and he's a great professional. He's also got the experience of having played in the Premier League, so I'm delighted we've managed to agree a new deal with him."
Source: PA
Source: PA