The new deals will keep the pair with the club until the summer of 2020.
Rangers manager Mark Warburton told the club’s official website: “We’ve been delighted with them and I think it’s right that the club recognises that and responds.
“They are young players who have come in and have been challenged with handling the weight of expectation and they have dealt with that and delivered.”
Halliday said: “I’m delighted to sign the deal, Mark and Davie pulled me in to give me the nod that I was getting a new contract and I was thrilled.
“There have been that many good moments since a signed, there haven’t been many downs. This is the happiest I have been and most I have enjoyed football in my career.
“It didn’t take too long, in terms of the negotiations, to get it all done; it was only about a week in total.
“People have asked me where I see myself in five years’ time and the answer has always been still at Rangers and trying to get us back to where we belong. So it’s good that I have committed myself to 2020 at least.
“It was a couple of week ago when I found out, I was called into the Gaffer and Davie’s office and they said how they were happy with how I’d been doing and my performances since the start of the season.
“They said they were going to reward that form with a new contract and I still had another year on my deal after this one but I’m delighted I can commit myself to the club for a lot longer.”