The 22-year-old defender moved to the Dingwall club in January 2015 following his release from Celtic.
A Scotland U21 international, he has been a regular under manager Jim McIntyre, making 29 appearances in this campaign.
Fraser has scored once in his near two-and-a-half seasons with the Staggies.
Marcus Fraser has agreed a new contract at Ross County, keeping him at the Global Energy Stadium until the end of next season.