The 29-year-old was part of the West Ham side that dropped out of the top flight on the final day of last season, prompting speculation about his future.
"For me, the main thing is to get this club back into the Premier League... It was a no-brainer for me to be here and the vision is clear, it’s the Premier League," Bowen said.
"I know it’s difficult times. We share that disappointment, but that’s done now. The job now is to get back into the Premier League and go up this season."
Bowen joined West Ham from Hull City in 2020 and has made 280 appearances for the London club, scoring 85 goals. He has captained the side since 2024 following the departure of Kurt Zouma.
The forward has also earned 22 caps for England, although he missed out on a place in Thomas Tuchel's World Cup squad this summer.
West Ham open their Championship campaign at Burnley on August 16.