The 27-year-old centre, stand-off or loose forward has scored 58 tries in 185 appearances since joining the Black and Whites from Featherstone in 2004 and was a member of their Challenge Cup-winning team seven years ago.
"I've thought long and hard about the contract offer, especially now I have a young family and things, but in reality it was a very simple decision for me to make," he said.
"I love the club, we have a great group of players and the staff and supporters have been great with me ever since I joined all those years ago.
"They've supported me through some difficult years with injuries and now I finally feel like I am really playing at the top of my game, I'm really enjoying my rugby and I want to continue that for Hull FC."
Whiting missed his first game in more than 18 months when he was suspended for last weekend's derby against Hull KR.
Hull director of rugby Shaun McRae said: "If ever we had the perfect role model for younger guys to follow, then Richard is the man and we're delighted he has committed his future to the club.
"He has been in excellent form for us this season but I am in no doubt some of Richard's best years are still ahead of him.
"He has matured into a fine rugby league player with a good knowledge of the game and he can play a big part in what we want to build here."