Front-rower Lockwood joined Rovers from Dewsbury ahead of the 2012 season, and has scored three tries in 27 appearances, to earn himself a new one-year deal.
Former Leeds hooker Kaye has been an ever present in the Featherstone team since arriving from Harlequins in 2010, and he too has signed for another 12 months.
Head Coach Daryl Powell said: “I am really pleased to retain Lockwood at Featherstone Rovers for next year. He has grown with every game over the season and has been a great addition to our pack. He is a tireless worker both with and without the ball and is a quality bloke who is hugely respected within the changing room.
“Ben is our team enthuser who is an absolute delight to coach, his attacking game is growing all the time and in defence he is awesome. I know the players will be just as happy as I am that Ben has signed again as he is so well respected amongst the group.”
Rovers face Leigh in the play-offs on Thursday, where a win will secure their third consecutive Grand Final appearance.