The 30-year-old has become an important member of the squad since joining, originally on loan from Edinburgh, in 2013.
Jones, who has been capped ten times for Scotland, has made 82 appearances for the Scotstoun side but has missed much of this year due to injury.
The winger told the Glasgow Warriors website: ““I’m delighted to be staying at Scotstoun, the brand of rugby the coaches have us playing and the atmosphere day-in-day-out make coming to work every day a pleasure.
“I’m excited to get back fit and help the squad with the final run in of this campaign. It would be amazing to make some history as a group and I really feel we are building something here and can be successful for years to come.”
Head coach Dave Rennie also welcomed the news, saying: “Lee is an extremely impressive athlete and a model professional.
“He’s battled with injuries a bit the second-half of this season, but when fit he is one of the most lethal finishers in our squad and we’re delighted that he’s sticking about for two more years.”
Glasgow finish the regular Pro14 season with a home fixture against Edinburgh and need to win to guarantee a home semi-final in the playoffs.