The 27-year-old former Chelsea trainee has put pen to paper on a deal to keep him at Hillsborough until the summer of 2020 - the same as striker Fernando Forestieri, who signed his new terms late on Monday night.
Hutchinson has been hugely impressive this season for the Owls, playing in both central defence and midfield. He has featured in 23 of the club's 25 league games so far, winning the fans' player of the month vote on three occasions.
Hutchinson joined Wednesday on loan from Chelsea in February 2014, making his move permanent that summer. He has made 83 appearances for the club, scoring four goals.