The news comes after Fallon's show drew its 4th lowest ratings ever in January, when he averaged just 1.063 million total viewers.
Meanwhile, Fallon, 46, reached an all-time low in September last year when a dismal 992,000 total viewers tuned in.
It was the first and only time that Fallon's viewership had fallen below a million in Nielsen's final ratings, though that particular show had been delayed due to an NHL Stanley Cup Finals game.
NBCUniversal Television and Streaming chairman Susan Rovner confirmed the renewal during NBCUniversal's upfront presentation Monday, Variety reports. The report adds that despite falling behind CBS' The Late Show with Stephen Colbert and ABC's Jimmy Kimmel Live, Fallon is considered to be 'part of the fabric' of NBC, and neither the show nor his job are in jeopardy.