The duo were appointed in the summer of 2016 and brought immediate success with Wanderers enjoying their best start to a league campaign in 82 years.
As well as guiding the club to an immediate return to the Sky Bet Championship following automatic promotion, Parkinson also received three Manager of the Month accolades through his debut season at Macron Stadium.
Parkinson said: “I am delighted to have agreed the new contract and I’m looking forward to building on the success we enjoyed last season.”
Parkin echoed the manager’s sentiments, saying, “I’m also delighted to have signed a new deal and we’re all relishing the challenges that the Sky Bet Championship will bring this season.”
Bolton Wanderers chairman Ken Anderson said: “I am delighted that Phil and Steve have agreed new deals which will enable them to help continue the progress the club has made under their leadership.
“We look forward to working together in order to achieve our goals.”
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