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Smith made his debut for Saints against Gloucester at the start of the 2001/02 season after signing from the French club Brive. Since then, he has made 79 appearances for the club and scored five tries. Smith has also played in three tests for the Lions in Australia, to echo the three he played in South Africa in 1997, and competed in the 2003 World Cup for Scotland.
Northampton Saints operations director John Steele said: "Tom has given tremendous service to the club during the last three years. He has been one of the most consistent performers in elite rugby and his record speaks for itself. We are delighted he has committed himself to the Gardens as I am sure we will be seeing some of his best rugby during the next two years."
Acting head coach Budge Pountney said: "Tom is of the highest pedigree of front row forwards and we are extremely pleased that he has decided to stay at Northampton. He has a pivotal role in the development of this team and we believe that with his experience, we can move onwards to better things."
Smith's new deal comes in the wake a new three-year contract for fellow international and senior player Ben Cohen.
Saints face Toulouse in a tricky Heineken Cup quarter-final in April. The two sides were pooled together this season, and shared one win apiece.
