The 23-year-old -who joined the North London giants in 2021 - was a star performer for Jonas Eidevall's side in the 2022-23 campaign with 16 goals and nine assists from 38 appearances across all competitions.
Maanum's efforts helped Arsenal end their four-year trophy drought in the Women's League Cup, while she produced nine goals and four assists from 22 Women's Super League contests.
In addition, the Norway international contributed five goals and three assists from 10 Champions League matches during the Gunners' run to the semi-finals, and she was nominated for the PFA and Barclays WSL Player of the Season awards.
Speaking to arsenal.com after signing her new contract, Maanum said: "It feels great - I love Arsenal and I'm looking forward to continuing my time here. This is a place where I can develop and learn from the players around me and take steps both on and off the pitch.
"We've had some really special moments this season and the connection with our supporters has been fantastic, so I can't wait to see what we can achieve together."
Head coach Eidevall also expressed his delight at Maanum's renewal, hailing the midfielder as one of the "outstanding" players in world football and claiming that she has a "very high ceiling" in the English capital.
"Frida has been one of the outstanding performers in world football this season and we're delighted that she has agreed a new deal with us," Eidevall added.
"Since joining us two seasons ago, Frida has developed into a wonderful player and has contributed an impressive number of goals and assists this year.
"I believe there is a very high ceiling for what Frida can achieve in the game and I'm so pleased she will continue to wear Arsenal colours moving forward."
Finally, Head of Women's Football Clare Wheatley said: "Everyone at Arsenal is delighted that Frida has signed a new contract here with the club.
"At 23, Frida is already one of the most exciting players in the game and we look forward to watching her continue to excel in red and white for years to come."
Maanum has become the fourth Arsenal Women's player to renew her contract this season after Lia Walti, Kim Little and Beth Mead, while goalkeeper Manuela Zinsberger triggered a 12-month option in her current deal earlier this year.