The 23-year-old joined the west Londoners from Tottenham in August 2010 following two successful loan spells and has long been linked with a move away from Loftus Road. Paris St Germain seemed Taarabt's likely destination last summer but he remained with the west Londoners, who he has now signed a three-year contract extension with.
"I am very pleased to have signed this contract," Taarabt told the club's official website.
"When I first arrived here I honestly thought it would be just for a short period but I love this club and the people here have really helped me and I am very happy to be here.
"I had a tough start to the season last year, but I worked hard and I have really enjoyed it under Mark Hughes.
"The club is getting bigger and bigger, with a new training ground and talk of a new stadium is very exciting.
"In the time I have been here, QPR's ambition has changed.
"Last year the aim was to stay in the Premier League. We achieved this and now we want to progress and improve.
"Nobody is speaking about what we can achieve but we really want to move up the Premier League."