The 22-year-old moved to Huish Park last summer after leaving Premier League Southampton, and has made 39 appearances for the Glovers.
"Bevis made a huge sacrifice in joining Yeovil Town from Southampton last season," said boss Darren Way.
"But the experiences he's gained at Yeovil has been a huge part of the progress in his footballing career."
Yeovil Town defender Bevis Mugabi has signed a new two-year contract with the League Two club.