The 26-year old second rower will stay at the home of the current Super League champions until the end of 2016, guaranteeing him another four and a half years at Headingley.
Ablett joined the Rhinos from amateur club Middleton, but spent a month on loan with London Broncos in 2005.
He said: “I am really pleased to have signed this long term contract and I think it signals the next stage of my career here at the Rhinos.
“We have had some great success in recent times but I think the club have done a great job in building for the future with a number of the guys on long contracts now.”
Coach Brian McDermott, who has come under heavy criticism from supporters in recent weeks, was delighted to have secured Ablett’s signature for the next couple of seasons.
He said: “I think Carl is one of the unsung stars of our game at present however he is certainly highly appreciated by everyone at the Rhinos, as these new contract shows.
“He is consistently one of our top performers every week and I think he could certainly step up to the next level and do that for his country as well. Defensively he is very sound and he has a turn of pace that catches defences when he gets the space out wide.”