The deal will keep the 25-year-old Australian at the club until the end of 2022.
Miller joined Trinity from Betfred Super League rivals Hull in 2015, initially on a one-year contact and has gone on to score 35 tries in 92 appearances.
The former West Tigers play-maker said: “I am very happy, the club has come such a long way since I first signed here and it is nice to feel a part of something that is building towards something new.
“The fans and everyone involved at the club are very supportive. It is great to be able to have that support network behind you.”
Coach Chris Chester said: “I am delighted Jacob has signed a new deal.
“He is an outstanding player who still has a long career ahead of him. It is great he has committed his long term future to Wakefield Trinity.
“I have enjoyed seeing him grow and develop as a player over the past couple of seasons and I look forward to working with him in the future.”