The 33-year-old, who led his side to a maiden World Cup final in March, has committed to the Black Caps until the ICC World Twenty20 in March-April next year.
However, he will sit out next month's limited overs tour of Zimbabwe and South Africa, citing a busy schedule in recent months, including the just-concluded tour of England.
McCullum had faced questions about his future as he battles a long-standing back injury, but he said he wanted to help the Black Caps maintain momentum.
"This is a young, emerging side with some very big series on the horizon and it's a really exciting time to be involved."
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New Zealand have home-and-away series against trans-Tasman rival Australia in 2015-16 and will also host Sri Lanka and Pakistan.
New Zealand Cricket chief David White said fans would be rejoicing at retaining McCullum, who has adopted an aggressive brand of cricket since he was appointed captain in late 2012.