Former Zimbabwe international Jarvis, 26, took 62 wickets in the County Championship to help the Red Rose to promotion from Division Two.
Bailey, 24, established himself this season with 35 wickets, including 5-12 against Leicestershire in May.
Griffiths, 21, made his debut at T20 Finals Day as Lancashire secured the title against Northants.
"It is imperative that we have a group of strong and talented seam bowlers and all three have had an impressive season," said cricket director and head coach Ashley Giles.
Lancashire have agreed new contracts with seam bowlers Kyle Jarvis, Tom Bailey and Gavin Griffiths.