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Oates has signed on until the end of season 2018 in another boost to the Broncos' outside backs depth.
In addition to Oates' signing, the Broncos recently extended exciting winger Jonus Pearson for another two seasons, re-signed Tom Opacic, and have recruited outside backs David Mead, Tautau Moga and Moses Pangai.
Broncos' chief executive Paul White said the club was very pleased to ink another deal for 12 months.
"Corey has been with us since he was a teenager so we are very happy he has extended his contract," said White.
"The extension is a mutual agreement between Corey, his management and the club, and will give all parties the time to work on his game and assess his long-term future."
The news comes as the Broncos prepare for the biggest match of the year, the Queensland Derby with the Cowboys, at Suncorp Stadium on Friday.
Oates said he was happy to have the negotiations concluded so early in the year.
"It is a bit of a relief and something I don't have to think about during the year or have in the back of my mind," he said.
"To get it out as the season kicks off is a real relief for me.
"We came to the agreement with the Broncos that the one year is the best for both the club and myself.
"I want to go back-to-back in trying to have a good year.
"Last year was a good year and this year I am hoping for the same - or even a bit better."