The 19-year-old winger, a Republic of Ireland Under-21 international, will now remain at Loftus Road until the summer of 2019.
Shodipo made his debut for the R's in August and has made a total of 11 appearances so far this season.
"To get this contract feels like a reward," he told the club website.
Queens Park Rangers youngster Olamide Shodipo has signed a new two-and-a-half-year contract with the Championship club.