The 23-year-old Republic of Ireland international is the Lilywhites' current player of the year and has made over 150 appearances.
'More so last year than any other, I really kicked on and showed my true potential and carried that out,' Browne said.
'Last year was really pleasing for me, but at the same time there are things I feel I could have done better and in the coming season I want to try and develop my game even more, continue to progress and help to get the club to where we want to be.'
The Cork-born player is the sixth senior squad member to agree new terms this summer, following skipper Tom Clarke, Darnell Fisher, Paul Gallagher, Sean Maguire and Paul Huntington.
Browne, who joined Preston in January 2014, was also voted the club'splayers' player of the year at the end of the last campaign and won the goal of the season award.
Angry Alan Stubbs dubbed St Mirren's display against minnows Spartans 'unacceptable' after watching them scrape to a Betfred Cup bonus point on penalties.
Motherwell boss Stephen Robinson has called for more of the same from Elliott Frear after the player hit a hat-trick in their opening game of the season.
Motherwell kicked off their season in style with a 5-0 win over Edinburgh City in the Betfred Cup on Tuesday evening.
Steven Gerrard admitted he has concerns about Rangers' shot-shy strike-force after their stalemate with FK Shkupi in Macedonia.
Sunderland midfielder Wahbi Khazri has completed his move to French club St-Etienne, the Black Cats have announced.