Stevenson joined Hearts from Ayr United in February 2010 and made 33 appearances for the club last season.
“Ryan was my first signing when I came back as manager and he has taken his chance well,” boss Jim Jefferies told Hearts News.
“It was a big step up for him and he got into the team quicker than he maybe thought due to the injury situation at the time.
“We tried him further up the park as one of the strikers and he did extremely well and chipped in with a few goals. He is still young and can get better and it’s up to him to go and establish himself.”
Jefferies added: “He is a terrific lad. He maybe took a bit of criticism in some games but he showed sheer determination to prove he is capable. I don’t think anyone could complain about the effort he puts in.”
