The new deal will keep the 22-year-old at Blackburn until the summer of 2017.
Lowe said: “I’m over the moon. I love playing here and I have done since I started. To extend my stay again is another step in the right direction.
“I have worked hard to improve all aspects of my game and I feel my performances this season reflect that. I will keep pushing myself to get better and to help get results for the team.
“Gary (Bowyer) has instilled a lot of confidence and belief in me, and you need that to play to your potential. He has given me the freedom to show what I can do and for that I am very grateful.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.